NEW YORK (
) -- The markets sank Friday on a disappointing earnings report from
Although JPMorgan beat earnings estimates, its revenue fell below expectations and it had to set aside nearly $2 billion to cover credit card losses.
At the close of trading today, the
Dow Jones Industrial Average
fell 100.90, or 0.94%, to 10,609.65, while the
lost 12.43, or 1.08%, to 1,136.03. The
was off 28.75, or 1.24%, to 2,287.99.
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
varconfig = new Array(); config<BRACKET>"videoId"</BRACKET> = 61850706001;config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player";config<BRACKET>"autoStart"</BRACKET> = false;config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF";config<BRACKET>"useOverlayMenu"</BRACKET> = "false";config<BRACKET>"width"</BRACKET> = 265;config<BRACKET>"height"</BRACKET> = 255;config<BRACKET>"playerId"</BRACKET> = 1243645856;createExperience(config, 8);
Melissa Lee, the moderator of
's "Fast Money" show, said
was moving higher in after-hours trading after William Ackman, founder of Pershing Square Capital Management, disclosed taking a 2% stake in the company.
Karen Finerman said Ackman likes Kraft's bid for
but wants more cash in the final offer. The deadline for offers is Tuesday.
Finerman said the rise in Kraft shares makes the offer worth more. "It's going to be interesting for Kraft on Tuesday," she said.
Shifting to the other big stories of the day, Lee said both JPMorgan and
fell today. Adami said Intel's revenues were light while JPMorgan just got ahead of itself.
Tim Seymour agreed, saying the expectations for JPMorgan were just too high. Finerman said JPMorgan's consumer credit problems could be telling for
Bank of America
, when it reports its earnings on Wednesday.
Narjarian wanted to know when JPMorgan is going to reinstate its dividend. He said the stock, which closed at $43.68 today, could get attractive again when it gets to $40. Adami agreed, saying there's more room to the downside for the stock.
Lee said technology took it on the chin, a day after Intel's impressive earnings report. Adami, referring to an earlier Goldman note, said Intel's gross margins may have peaked in August. He said he investors could either short the stock or get out of it if they were long.
Seymour said the stock looks tired and Intel needs some fantastic earnings to lift the stock higher. Najarian said there are other chip stocks to look at besides Intel, including
continues to hand tough. Najarian said it's been the beneficiary of Internet growth, but Finerman said all that has been baked into the stock.
Seymour said investors are just sick of the stock. "Its momentum is gone and its valuation offers nothing," he said.
From the option desk, Brian Stutland, president of Stutland Equities, said some options traders believe there could be some big moves in some stocks next week ahead of earnings. He said the traders believe Texas Instruments could possibly jump 7%,
8% and Amazon.com 12%.
Seymour said investors have overreacted to Google in recent days over the cyberattack controversy in China, adding he would buy it at $550.
Adami said he liked
but had concerns about its growth going forward. He said it was not as easy a trade to make now as it was in April. Najarian, however, said he thinks IBM has a chance to go to $150 if it can break through $132.
As the health care reform bill heads to the finish line, health care stocks have been on the rise. Jon Najarian said
could go higher.
Seymour, who likes
Glaxo Smith Kline
in this space, said the growing interest in health care stocks is part of a market rotation to that sector.
In the Fast Funds segment, Jon Najarian said inverse ETFs could offer investors a better job of protection than puts in the event of selloffs. He mentioned two such ETFs:
for protection against tech stocks and
Direxion Daily Financial Bear 3X Shares
for protection against bank stocks.
Todd Gordon, a senior technical strategist for Forex.com, referred to several charts to buttress his conclusion that the markets are showing very little volatility and are very complacent.
In the final trades, Seymour liked
. Adami liked
; Finerman liked
Bank of America
; and Najarian said he liked
-- Written by David Tong in San Francisco
To watch replays of Cramer's video segments, visit the Mad Money page onCNBC
"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.
Follow TheStreet.com on
and become a fan on