'Fast Money' Recap: GM's Black Hole

NEW YORK ( TheStreet) -- The markets rode the momentum Thursday from GM's stirring return and the improved financial outlook for Ireland.

The Dow Jones Industrial Average jumped 173.35, or 1.57%, to 11, 181.23 and the S&P 500 added 18.10, or 1.54%, to 1,196.69. The Nasdaq jumped 38.39, or 1.55%, to 2,514.40.

Guy Adami said on CNBC's "Fast Money" TV show that Dell ( DELL) was moving higher in afterhours trading after a strong earnings report, including a gross margin of 19.5%. He said the stock could break out if it rises above $14.50.

Joe Terranova said it was interesting to note that Dell reported a 27% increase in government spending, an area that was weak in Cisco's ( CSCO) earnings. He said that led him to believe that Cisco's public sector spending woes were specific to itself.

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 on TV

Karen Finerman said she found it impressive that Dell was showing discipline in getting out of the mobile tablet business. Jon Fortt, CNBC tech correspondent, said Dell was abandoning areas that were yield little or no margins.

Melissa Lee, the moderator of the show, said that Salesforce.com ( CRM) was also surging on a strong earnings report and a bright outlook for the rest of the year. Terranova said Salesforce.com is the first cloud computing name to hit $1 billion in revenue in 2009 and is aiming for $2 billion in 2012.

As for the general market, Terranova said it was moving sideways, causing him to take steps to protect what he is in while taking some off the table.

Jon Najarian said the market was great today, with GM drawing everything to it. Finerman said GM opened up nicely but didn't finished great.

Barry Ritholtz, CEO of Fusion IQ, said GM's future will depend on the Volt. He said the electric car can become a winner for GM like the Prius was for Toyota.

Anthony Scaramucci preferred Ford ( F) for the footprint and depth of its management team, which has succeeded in cutting $10 billion of infrastructure costs and gaining market share against GM and Toyota ( TM).

If you liked this article you might like

10 States Where the Wealthiest Executives Call Home

DiCaprio, De Niro Headline List of Major Celebrities Hosting Hurricane Telethon

Lenovo Posts Surprise Loss as Chip Shortages Squeeze Margins

Dell Takes On Cloud Leaders With New Payment Model

How to Play a U.S. Trade War With China