3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The markets closed higher Monday as the focus continued to be on Europe. The Dow Jones Industrial Average jumped 85.18, or 0.71%, to 12,068.39. The S&P 500 added 7.87, or 0.63%, to 1261.10. The Nasdaq rose 9.10, or 0.34%, to 2695.25. Steve Grasso said on CNBC's "Fast Money" TV show that the S&P is poised to move to 1300 and above. That optimistic forecast is a switch for him because he said he's been critical of the marketplace. Guy Adami said the market technically looks fantastic and the S&P may be making a push toward 1275. He said the market seems to have discounted the eurozone debt crisis. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Joe Terranova said the next catalyst for the market may be coming from China which reports its consumer price report tonight. He said experts are looking for the number to come down to 5.5%. Should that be the case, the prospects for oil and gold to move higher look good. Terranova said he liked the gold miners for his gold bet. He also liked Freeport McMoRan ( FCX) and Suncorp. Melissa Lee, the moderator of the show, shifted the discussion to Priceline ( PCLN), which was up slightly on a strong quarter. Adami said the fourth-quarter guidance was disappointing, but he feels as the stock might be ready for a push toward $550. CNBC tech reporter Jon Fortt said that cancellations were up because of the tough macro environment. He also said the online travel site was looking for acquisitions to make. Lee said shares of Groupon ( PCLN), were down today, but they are still up significantly since its debut last week. Fred Moran, an analyst with The Benchmark Co. who initiated coverage of the stock with a price target of $32, said the stock has room to go higher. Moran said Groupon has significant advantages over its competitors such as a salesforce of 5,000 people, 143 million subscribers and a vast merchant network.