NEW YORK (
) -- The markets sank Thursday on weakness in the tech stocks and a troubling jobless claims report.
Dow Jones Industrial Average
fell 76.89, or 0.72%, to 10,662.42. The S&P 500 dropped 9.45, or 0.83%, to 1,124.83, while the
shed 7.47, or 0.32%, to 2,327.08.
Joe Terranova led off
's "Fast Money" show talking about
's steady march toward $300. He said the stock, which is up 14% for the quarter, is the one that money managers have to own going to the end of this quarter.
For a breakout of some stocks from a recent "Fast Money" TV show,check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw onTV
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Tim Seymour said the expectations are high for Apple. He said there's an assumption that it has no completion when, in fact, it is getting competition from companies like
Anthony Scaramucci noted what the power of innovation has done for Apple. He pointed out how the iPhone, which was introduced in 2007, now represent's 30% of the company's revenue.
Gene Munster, an analyst with Piper Jaffray who raised his price target for Apple to $390 from $371 and his calendar year estimate of iPads sold to 21 million units, said Apple doesn't need another catalyst because it has the iPad, which is a "magnet for the masses" and is getting adopted by people who typically can't buy an Apple product. He said that is occurring in countries in Latin America and China.
He also noted tremendous enterprise interest in the iPad. He said the only thing that could slow Apple's growth would be a slowdown in the consumer adoption of mobile technology gadgets. "Investors don't like that," he said.
He said the adoption of the iPad has outpaced any other technology product he's seen. He said it will continue to rise higher as more apps are produced.
Melissa Lee, the moderator of the show, said that
. was the biggest gainer on the Dow. Terranova said he believes that the company has already chosen a CEO who has signed off the Mark Hurd settlement and that it will make an announcement by the end of the month.
As gold nears $1,200 an ounce, several panelists commented on the economic woes that are driving it higher. Adami said layoffs continue to be a big factor, with bank analyst Meredith Whitney predicting a loss of 80,000 jobs on Wall Street over the next year and a half.
Peter Boockvar, of Miller Tabak, blamed
Chairman Ben Bernanke for the decline of the economy. He said Bernanke has resorted to printing of money to resolve a problem that requires a forceful resolve to pay down the country's debt and allow the economy "grow out on its own."
Mark Fisher, a legendary trader, said in an interview from Las Vegas that the market is in a rut because of fear. He said the way to deal with that negative market psychology is to deal candidly with problems such as those in Social Security and the budget deficit.
For example, he said he could cut the Social Security benefits of the wealthy while easing off on tax increases. He said the housing problem could be resolved by encouraging foreigners to purchase homes in exchange for getting on a fast track to citizenship.
He said the option for not doing anything would to be to allow Rome to continue to burn. As long as the current economic malaise continues, he's sticking with gold and trades involving raw materials that people need such as crude and natural gas.
Lee brought in Carter Worth, a chartologist with Oppenheimer Asset Management, to explain why the market is in a rut. He said the market is sleep walking with no leadership to move it forward. In this environment, he favors high-yield stocks near their highs such as
As for the red hot cloud computing trade, Scott Raynovich, of the Rayon Report, said the stocks in that trade are getting incredibly frothy. He said they are dangerous to short. He proposed a pairs trade in which he would go long
In the final trades, Boockvar was long gold. Seymour liked
. Adami said to take profits on
. Scaramucci liked
, and Terranova said he would $48.50 as a point of reference for
for a stop and play it from the long side.
--Written by David Tong in San Francisco.
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