NEW YORK (TheStreet) -- The market saw slight selling pressure in the morning before turning higher and closing near session highs.
Friday's big story was the retirement announcement of
CEO Steve Ballmer, effective within 12 months. On
"Fast Money" TV show, Guy Adami said Microsoft's near-term issues are not CEO-related. He added that traders who got stuck on the long side should use this news to unload their positions.
Tim Seymour said traders could look to fade the move into the analyst meeting on Sept. 19 because expectations will likely be too high. He added that he likes the name over the long term due to the cheap valuation.
Steve Grasso said the problem with buying the stock now is investors are paying a premium for unknown future events. He added that Friday's low of $34 needs to hold for traders to stay on the long side.
Brian Kelly said the company has great assets like Xbox, Skype and one of the best email platforms around -- but has failed to truly execute on the latter two.
He added that the company is a bit like
, which has plenty of solid assets but has also failed to use them correctly. He said if someone bought out the company there are revenue-generating assets there.
has its chips in plenty of products, but the company should really begin to see an improvement in the second half of 2013 under new CEO Brian Krzanich. He said to stick with the stock.
is doing well and doesn't think a new CEO would help improve the company much, especially when the margins are so thin to begin with.
was the first stock on the show's "Pop & Drops" segment, after falling 15% this week. Seymour said there was no foreseeable growth ahead and that he would avoid the name.
popped 14% this week. Grasso said traders should wait a few days to see if the $160 level holds before chasing it.
was a great performer except for the past couple of months. After this week's 6% selloff, he said traders could buy the stock with a stop-loss target at $60.
fell 7% on the week and 13% on Friday from poor earnings guidance. Kelly said the company is an attractive takeover candidate and he likes the stock.
now has a market cap of close to $100 billion and Seymour said the stock could go a lot higher as long as it lives up to its earnings potential.
Julia Boorstin, a
contributor, said that since the botched Facebook initial public offering on the
, the New York Stock Exchange has raised twice as much in tech company IPOs . She added that the trend will likely continue, especially with names like
all expected to file IPOs of $1 billion or more.
is the best social media stock to be in, despite people saying that it's overvalued. He added that at some point the naysayers will be right, but momentum has been too strong so far.
SPDR Homebuilders ETF
was the first stock on the show's "Trending Trades." Adami said it feels like mortgage rates are topping out and it might make sense to take a look at this exchange-traded fund on the long side.
With disappointing housing sales data,
bond tapering in September becomes even more unlikely, according to Grasso. Because of this, gold popped 2% on Friday and is nearing another key level at $1,400. He is a buyer.
For their final trades, Kelly said he likes the market and would buy the dips in the
SPDR S&P 500 Trust ETF
and Grasso said he's buying Tesla, as long as it hold $160. Adami said he is a buyer of
and Seymour is buying
-- Written by Bret Kenwell in Petoskey, Mich.
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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.