'Fast Money' Recap: Worthless Exercise - TheStreet

'Fast Money' Recap: Worthless Exercise

The trading panel said the highly anticipated testiimony of BP CEO Tony Hayward revealed very little.
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NEW YORK (

TheStreet

) -- The markets rallied late Thursday amid discouraging signs of a sluggish economy.

The

Dow Jones Industrial Average

added 24.71, or 0.24%, to 10,434.17, while the

S&P 500

gained 1.43, or 0.13%, to 1,116.04. The

Nasdaq

edged up 1.23, or 0.05%, to 2,307.16.

CNBC

's "Fast Money" TV show was cut short by coverage of congressional testimony of

BP

's

(BP) - Get Report

CEO Tony Hayward.

Karen Finerman said the testimony "didn't tell us anything," calling it "a huge waste of time."

Pete Najarian noted that the options market has crushed the volatility of BP stock. "People are getting more comfortable with the stock," he said.

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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Finerman said investors shouldn't take comfort in BP's $20 billion escrow fund, calling it just one bucket out of many that BP is challenged with.

Melissa Lee, the moderator of the show, added her calculations show the company could be liable for $258 million a day.

Tim Seymour said the six-moratorium is forcing oil companies to shift their operations elsewhere in the world, with the specter of higher oil prices in the future.

Seymour said the

Exxon Mobil

(XOM) - Get Report

will see a lot of business as a result of BP's problems in the Gulf of Mexico. He also said that solar and nuclear names will benefit.

Najarian said integrated names like

ConocoPhillips

(COP) - Get Report

should be included in that mix for its exposure to natural gas.

Finerman said oil companies will face a tough regulatory climate and tighter contracts in the future.

CNBC

reporter Bertha Coombs said Hayward was careful to deflect questions from the congressional panel by discussing the broad issues of the company's investigation.

Pavel Molcanov, an analyst with Raymond James, said the testimony was "pure theater," adding "nothing came out of it."

He said he likes

Chevron

(CVX) - Get Report

in the energy space. He said Chevron has low exposure to refining and a stellar exploration portfolio, sports a 4% dividend yield and trades about eight times earnings.

He said BP will shoulder the brunt of the liabilities, with

Anadarko

(APC) - Get Report

limited to its share of the cleanup costs.

Dennis Gartman said oil is a proxy for what is going in the Gulf. He said the "silly" moratorium will drive oil prices much higher in the next six months. He also said he's a buyer of natural gas trusts and advised staying away from the futures.

In the final trades, Seymour said he liked

FedEx

(FDX) - Get Report

. Adami liked

Transocean

(RIG) - Get Report

while Finerman liked

Bank of America

(BAC) - Get Report

. Najarian liked

Hewlett-Packard

(HPQ) - Get Report

.

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.

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