NEW YORK (TheStreet) -- The broader market finished slightly lower on Tuesday ahead of Wednesday's FederalReserve announcement.
On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said Facebook (FB) - Get Report has had a lot of positive news lately and wouldn't recommend shorting it until at least Friday. He added that near $50, traders could buy the stock.
Guy Adami, managing director of stockmonster.com, suggested investors take profits in FB, which could pull back to $52.
Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said FB could surprise investors to the upside in 2014, with huge revenue growth.
Kelly disagreed, saying the PC market is still declining and the only positive is its free-cash flow.
Scaramucci suggested the stock buyback program puts a floor in the stock and it's a solid value play.
Kelly said International Business Machine (IBM) - Get Report seems like a buy in the short-term. However, the stock price will likely follow the company's share buyback program, which seems likely to decline in the long-term.
Adami said the stock is likely headed to $157 if it fails to hold the $175 level.
Turning to the entertainment sector, Adami said he likes Dreamworks Animation (DWA) , which looks to have bottomed. However, he cautioned that it's a volatile stock.
Scaramucci disagreed, and said DWA's debt ratio is very high and that an economic pullback could crush the stock. He suggested investors buy stocks in the space with less debt.
Kelly suggested investors buy the iShares Russell 2000 ETF (IWM) - Get Report at $112. He had a target of $120 and stop-loss at $109. Seymour liked the trade and suggested investors play using options.
Shares of iRobot (IRBT) - Get Report jumped 17% on an upgrade from Raymond James and Colin Angle, the co-founder and CEO, was a guest on the show. He said the new Rumba 800 is one of the most innovative products in years and should have margins in the upper 40% range. He added that the defense industry is cyclical and could be a growth engine in the future, but not in 2014.
Seymour complimented the company's margins but said he's neutral on the stock following the large run in share prices.
Scaramucci agreed that it's valuation is stretched but suggested its future is very bright.
Jon Hilsenrath, chief economics correspondent at the Wall Street Journal, was a guest on the show. He suggested that the probability for a December taper is much higher than it was just a few months ago. He added that it wouldn't be surprising for a taper, but suggested that it's far from a guarantee. It will be interesting to see if the Fed adjusts its unemployment threshold, he concluded.
Kelly said if the Fed doesn't taper in December it will most likely come in March.
Scaramucci said he doesn't expect a tapering announcement in December. He added that dividend stocks like 3M (MMM) - Get Report, Pepsico (PEP) - Get Report, and Verizon (VZ) - Get Report seem likely to outperform.
Seymour said shares of Whole Foods Market (WFM) have too high of a valuation to justify buying.
Scaramucci said margins can easily come under pressure and he recommended caution.
Adami said WFM is a great story but suggested that investors do not buy the stock, as comps continue to decline.
For their final trades, Scaramucci is a buyer of Bank of New York Mellon (BK) - Get Report and Seymour is buying Lan Airlines SA (LFL) . Kelly suggested buying Teck Resources (TCK) and Adami is a buyer of Nuance Communications (NUAN) - Get Report.
-- Written by Bret Kenwell in Petoskey, Mich.
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.