3 Stocks I Saw on TV
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."
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.