'Fast Money' Recap: Tech Frenzy

NEW YORK ( TheStreet) -- Trading was mixed Thursday as weekly jobless claims fell short of expectations.

The Dow Jones Industrial Average pull backed 25.58, or 0.22%, to 11,697.31 and the S&P 500 fell 2.71, or 0.21%, to 1,273.85. The Nasdaq added 7.69, or 0.28%, to 2,709.89.

Joe Terranova said on CNBC's "Fast Money" TV show that this year's Consumer Electronics Show is strikingly different from past shows because it is "innovative" and "impactful" with its focus on the delivery of content on the Internet. He said this trend will affect all sectors in the tech space and drive deal-making.

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

Brian Kelly agreed, saying the difference between the old and new guards can be seen in Intel ( INTC), which doesn't have a mobile strategy, and Qualcomm ( QCOM), which does.

Hewlett-Packard ( HPQ) has been mentioned as a laggard large-cap tech stock, but Karen Finerman said she still likes it because it is so cheap. She said the CES is exciting this year, even for Microsoft ( MSFT), which saw $7 billion added to its market cap today.

Joe Terranova noted the prospects of Windows 8 for 2012 and Microsoft's adoption of ARM architecture will lift other chip companies like Texas Instruments ( TXN) and Nvidia ( NVDA).

Craig Berger, an analyst for FBR Capital, said Intel is getting attacked by Microsoft and its move to ARM and Nvidia's pursuit of ARM architecture. He said he especially likes Qualcomm and Broadcom ( BRCM) for their exposure to smartphones and tablets, but his "absolute favorite" is On Semiconductor ( ONNN).

Stephen Weiss said he was staying away from Intel because it is not growing. Antony Scaramucci said he believes Facebook's $50 billion market valuation had something to do with kicking off the frenzy in tech stocks.

Melissa Lee, the moderator of the show, noted that gold reached the lowest point since Dec. 15 and is approaching its 55-day moving average.

Terranova said investors should prudently scale back in gold. He said there's no need to be in gold and the Treasures because of the recovery. Kelly said there will still be incremental demand for gold in China as a hedge against inflation.

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