Najarian remained upbeat about the company, saying it still has EDS, added some "monster" service revenue numbers and was on the upper-end of its full-year forecast. He told Ratigan he would buy HP on the dip.

Seymour was cautious about HP because 60% to 70% of its revenues comes from overseas where countries such as China, Russia and India are dealing with stagnant growth.

Seymour said he liked stocks like Potash ( POT) and Petrobras ( PBR) because they were the first ones hit in the deleveraging process and will be first one to rebound when things turn around.

Najarian said he liked Monsanto ( MON) because it will be providing products that will increase crop yields in drought-ridden areas of the world.

Ratigan asked Najarian to explain what is happening at Wells Fargo ( WB), which has fallen to a 12-year low. Najarian said the drop might be due to a perception in the market that it hasn't been able to avoid the problems that have bedeviled other large banks.

Terranova said he believes Wells' fall might have to do with the problems of banks that are tethered to consumers as opposed to those in the capital markets.

Ratigan brought on Barry Ritholtz, CEO of Fusion IQ, to talk about the housing crisis. Ritholtz said home prices still have some ways to go before the situation stabilizes. He said prices, which have dropped 25% since 2006, need to fall another 15%. "We're just in the fifth inning," he said.

Ritholtz said Obama's new housing plan is not going to stop the market from taking prices to where they will eventually go.

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