NEW YORK ( TheStreet) -- The turbulent protests in Egypt dealt a blow to the markets Friday. The Dow Jones Industrial Average sank 166.13, or 1.39%, to 11,823.70. The S&P 500 dropped 23.20, or 1.79%, to 1,276.34. The Nasdaq skidded 68.39, or 2.48%, to 2,686.89. Joe Terranova said on CNBC's "Fast Money" TV show that today's big bump in oil prices was based on a market perception that there may be supply disruptions from the possible closure of the Suez Canal. Melissa Lee, the moderator of the show, that the canal handled 1.8 million barrels a day in 2009 and possibly more in 2010. 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
Tim Seymour said the turmoil in Egypt is not a one-day event but something that has been playing out for some time in the region in countries such as Tunisia and Yemen. Before the threat of supply disruptions, oil prices had been going higher for fundamental reasons as economies around the globe get stronger, he said. Guy Adami said he was surprised that oil didn't go higher. He sensed the beginning of something, as the S&P showed signs of turning bearish. Jon Najarian downplayed the threat of a closure of the Suez Canal, saying the protesters didn't look like they had Stinger missiles. He said only the use of those weapons and a government overthrow could lead to an explosion to the upside in oil. Terranova said the Saudis might use the situation to raise their output of oil and ask OPEC to do likewise. He said he expects the refining stocks to trade higher and advised looking north to Canada for some picks, including Suncorp Energy ( SU), Canadian Natural Resources ( CNQ) and Cenovus Energy ( CVE). Seymour said the Egyptian protests could put into question the Egypt-Israel peace pact. He said those fears probably accounted for the decline in the Israeli shekel and Teva Pharmaceutical ( TEVA). He advised buying Teva on weakness, saying the company has the potential to double revenues by 2015. In the search for derivative trades, Lee mentioned the shippers. Brian Kelly noted the pop in Frontline ( FRO). He also liked Dryships ( DRYS) as countries rush to stockpile grains.