'Fast Money' Recap: Resilient Market

NEW YORK ( TheStreet) -- The markets rallied Wednesday on hints of progress in the eurozone bailout talks.

The Dow Jones Industrial Average jumped 162.42, or 2.74%, to 11,706.62. The S&P 500 added 12.95, or 1.05%, to 1242. The Nasdaq rose 12.25, or 0.46%, to 2650.67.

Simon Hobbs started the CNBC's "Fast Money" TV show, with eye on the debt talks in Europe. Joe Terranova said the markets got a boost from a report that China may be participating in the rescue fund. Terranova also said the rally got a boost for corporate earnings and underperforming portfolio managers chasing the tape.

Karen Finerman said she was surprised how resilient the market was despite the absence of a eurozone debt agreement.

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

Steve Liesman, CNBC's political editor, said the draft agreement had three components: the size of the haircut for Greece, the level of banking capital and the amount of leverage for the rescue fund.

Sony Kapoor, managing director of Re-Define Think Tank, said Greece's debt situation hasn't been completely resolved. He said the issue of capital and liquidity for banks is signficant.

Tim Seymour said the markets were heartened by China's move to stop tightening. He said this is good news for risk assets like copper and aluminum as well as for the emerging markets.

Hobbs brought in Dave Barger, CEO of JetBlue ( JBLU), whose company reported a jump in sales but a miss in its earnings. Barger said the airline racked up a strong quarter even with the price of oil up.

He said customers are willing to share the burden of higher fuel costs. He also said the company plans to have 11 new aircraft in 2012, grow in single-digits next year and continue hedging fuel costs.

Brian Kelly said he was staying away from JetBlue because of the hedging issues, adding he would rather be in hotels and car rental companies. Seymour said investors should look to Latin America for growth, especially the impending merger of LAN Airlines and TAM.

Hobbs brought in Dick Bove, VP of equity research with Rochdale Securities, to comment on the future of MF Global ( MF) whose stock is sinking quickly amid talk of asset sales.

Bove said MF Global has to sell its assets. He believes Goldman Sachs ( GS) is in a good position to either buy the distressed assets individually or the company itself.

Bove said he didn't think MF Global wasn't insolvent but needed to raise cash as quickly as possible.

Hobbs brought in Stephen Pagliuca, managing director at Baine Capital, to comment on the market. Because of the tough economy, he said his company is looking at companies that show recurring revenue and an ability to grow in a slow growth economy.

He declined to mention any stocks or sectors. He did say his company is looking at stocks that make sense as a long-term investment.

He said the U.S. and E.U. need to deal with their fiscal policies. He said he U.S. is facing a $15 trillion debt by year's end.

In the oil space, Seymour commented on reports that Valero ( VLO) could be the target of Royal Dutch Shell and Reliance Industries. He said Reliance was a creditable buyer, while Kelly said Valero was strong fundamentally.

Commenting on Sprint's ( S) small quarterly loss, Jonathan Chaplin, a research analyst for Credit Suisse, said the wireless company has racked up large upfront costs to gain subscribers.

He sees better times for the company as it addresses its access to credit markets. He said the company is working on a vendor financing facility in the next month or two. And he said Sprint will reap the beneifts of the iPhone in the fourth quarter.

In the final moves, Seymour liked Aluminum Corp of China ( ACH). Guy Adami liked EXCO Resources ( XCO), while Finerman favored Corning ( GLW). And Terranova liked Canadian Natural Railway ( CNI).

-- Written by David Tong in San Francisco.

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

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