3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The markets sank again Thursday as eurozone worries widened to Spain and France. The Dow Jones Industrial Average fell 134.86, or 1.13%, to 11,770.73. The S&P 500 dropped 20.78, or 1.68%, to 1216.13. The Nasdaq lost 51.62, or 1.96%, to 2587.99. Joe Terranova said on CNBC's "Fast Money" TV show, that there was no place to hide in in a market that was without a catalyst. He doubted whether there would an end-of-the year chase for performance. He said the situation could turn around if there is a surprise from the congressional supercommittee. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Tim Seymour said the market is worn down as the S&P heads to 1200. Guy Adami pinned the blame on escalating European bond yields. Adami said it would be encouraging if the S&P could close above 1225 but he said it's more likely it's heading to 1180. One casualty of the European debt crisis is Jefferies ( JEF), which was down 5.7% on deepening concerns about the rising yield on its debt and its exposure to European sovereign debt. Karen Finerman said the debt situation is scary for bondholders and raises questions about the future of the investment banking model. Jeffery Harte, principal with Sandler O'Neill, said Jefferies is dealing with a situation where there is a lot of market risk aversion. He said the company appears to have enough liquidty ($2.5 billion in reserves) to handle short-term funding needs. He also said it's good to see the Bank of New York Mellon ( BK), recently enter into a partnership with it for clearing services. Adami said he believes the stock price will go down as European bond yields rise. Turning to tech, Lee noted reports that Amazon ( AMZN), which was down 3.5% today, that it was going to come up with a smartphone next year. Gene Munster, an analyst with Piper Jaffray, downplayed the Amazon's chances in the smartphone market, saying that market is far more difficult than the tablet market.