'Fast Money' Recap: Apple Anxiety

NEW YORK ( TheStreet) -- The markets were mixed Thursday after a deadline was set on the eurozone rescue plan.

The Dow Jones Industrial Average added 37.16, or 0.32%, to 11,541.78. The S&P 500 rose 5.51, or 0.46%, to 1215.39. The Nasdaq dropped 5.42, or 0.21%, to 2598.62.

Brian Kelly said on CNBC's "Fast Money" TV show that he was impressed with today's market action in the face of so much global uncertainty. He said any resolution to Europe's debt problems will send the markets higher.

Guy Adami said the market can go higher if the S&P breaks through 1230.

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

But Karen Finerman was pessimistic about the reported Wednesday deadline for the eurozone debt plan. She said it won't be over Wednesday, adding it's going to take awhile before there is any clarity in the situation.

Joe Terranova was unbeat about the market heading higher. He said the price action on gold "is telling you a second recession is not coming." He also said it was encouraging to see the financials participate in today's rally.

Scott Wapner, the moderator of the show, shifted the panel's attention to Microsoft ( MSFT), which posted earnings that were in line with estimates.

Adami said Microsoft, with its attractive dividend and great balance sheet, appears to be grinding higher.

Brent Thill, director and software analyst for UBS, said he liked Microsoft as a safe play for the next six months. He said the stock is cheap; the company has a cash flow of $57 billion; and a big Windows 8 upgrade is coming next fall. He also said Microsoft benefits from a good recurring revenue stream. "It's hard to see a lot of downside in the stock."

Thill said Microsoft still has to work on strategies for tablet and mobile.

Wapner shifted the discussion to copper, which has been on a decline. Terranova said he was encouraged by Freeport McMoRan ( FCX) CEO's comments that demand for copper remains tight and the copper market is easily manipulated.

Kelly said copper may drop to $2.60 before it rebounds.

Dan Dicker, senior contributor for TheStreet, said copper is disconnected from the stock market and is taking on the chin. He said copper has usually been taken as a proxy for global growth, but he argued it's OK to have copper at $3 and still tell a good global story.

Wapner noted that Chipotle Mexican Grill ( CMG) was up after beating earnings estimates. Kelly said Chipotle's ability to pass on price increases may encourage other companies to do the same. Adami said the stock has tripled in the past three years.

Shifting to Apple ( AAPL), whose shares are down 6% since its earnings miss. Dan Nile, co-CIO of Alpha One Capital Partners, said he bailed out of the stock after the earnings.

He said there's been too much bullish sentiment about the stock. He also said the third-quarter results raised concerns about iPhone, iPad and iPod sales. And he was worried about reports of Apple cutting back on component orders.

He said voice recognition will be a big game changer not only for the handset market but also for autos and health care.

Finerman had problems with Apple's huge cash reserves. She said Apple has a "duty to be a good allocator of capital" and has done a "horrific" job. She said Apple should channel some of its $81 billion in cash to shareholders in the form of a dividend or buyback.

She said shareholders have a window of opportunity from Oct. 26 to Nov. 25 to submit their proposals to the company.

Wapner brought in Peter Schiff, head of Euro Pacific Capital, who was at the site of Occupy Wall Street. He said he was trying to redirect the anger of the protesters towards Washington. He said he understood the frustrations of the demonstrators but said the real problem is not capitalism but big government.

With Freeport McMoRan down 42% year to date, is it a buy? Jorge Beristain, an analyst with Deutsche Bank, said he would be a buyer at these levels. He said the "simple math" is that Freeport is at now at half of its 52-week high, has a "bullet-proof" balance sheet and is likely to raise its dividend. He said the company is operating at 97% of its capacity.

In the final moves, Najarian liked Schlumberger ( SLB). Kelly liked Intrepid Potash ( IPI) and short the calls. Adami continued to stick with Yahoo! ( YHOO). Finerman liked Cascade ( CASC) . And Terranova liked Ford ( F).

-- Written by David Tong in San Francisco.

>To contact the writer of this article, click here: David Tong.

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