3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The markets fell back Wednesday on weakness in the financial and tech stocks. The Dow Jones Industrial Average dropped 12.64, or 0.11%, to 11,825.29. The S&P 500 lost 13.10, or 1.01%, to 1,281.92. The Nasdaq fell 40.49, or 1.46%, to 2,725.36. Guy Adami said on CNBC's "Fast Money" TV show that eBay's ( EBAY) results were fine but he was "scared" of the stock's chart. "The stock needs to break above its 52-week highs in November." For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Brian Kelly said the most impressive part of eBay's earnings was Paypal, whose volume has jumped 500% since 2009 as it is adding 1 million accounts a month. He said American Express ( AXP) brought home that point when it said it was losing share to mobile electronic services. Tim Seymour, though, argued that Kelly's point about Paypal is well known. "There's no mystery here," he said, adding there's no reason to jump into the stock. Melissa Lee, the moderator of the show, turned her attention to the huge selloff in F5 Networks ( FFIV), off 33.42, or 23.57%, on a troubling guidance. Joe Terranova said the selloff could lead to a further downside in the cloud trade Thursday. Adami wondered how the selloff would affect Cisco ( CISCO), which has been a non-performer. Seymour said the 1% drop in the S&P has turned the market into one for traders. Terranova said he would be leery of jumping into tech stocks until he sees some price stabilization. Adami said even a stock like Apple ( AAPL) could be due for a reversal, perhaps to $310. Finerman said it was difficult to get a reading on Apple because of Steve Jobs' medical situation and determining what might be the next catalyst for the company. Seymour said IBM ( IBM) performed well today because because it is a diversified story in tech. Terranova wondered whether the tech space is breaking down. He said it may depend on Google's ( GOOG) earnings Thursday. Kelly said the price action in tech looked more like a "hiccup" and that he would be buying Qualcomm ( QCOM) on weakness.