3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The markets rallied off the lows Tuesday on a move to beef up the eurozone rescue efforts. The Dow Jones Industrial Average was up 52.30, 0.43%, to 12,150.13. The S&P 500 rose 1.39, or 0.11%, to 1258.47. The Nasdaq lost 6.20, or 0.23%, to 2649.56. Melissa Lee, the moderator of CNBC's "Fast Money" TV show, started the panel discussion when she brought in Carl Icahn to comment on his $1.73 billion cash bid for Commercial Metals ( CMC). Icahn, whose firm has a 10% stake in the company, said his bid has energized the stock and hopefully the shareholders to support his bid. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Contrary to his failed bid for Clorox ( CLX), Icahn said the bid for Commercial Metals has shareholder backing, adding he would need a big turnout for the tender to succeed. Icahan also said he supports the idea of a merger between Navistar ( NAV) and Oshkosh ( OSK), both of which he has stakes. He said the two companies would benefit from the synergies of a merger. Pete Najarian said the Jan. 14 calls in Commercial Metals were very active today. He wondered whether another bidder might step in the situation. Finerman and Lee pointed out the stock traded at a discount on the day that Ichahn made his bid. Lee noted that Netflix ( NFLX) took a hit today after Verizon ( VZ) launched a service to stream movies and TV shows over the Web. Any Hargreaves, of Pacific Crest, said he didn't think Verizon's move represented much direct competition for Netflix. He characterized Verizon's efforts more like taking a "cable-like bundle" that will done over IP in a nationwide effort. He disagreed with the panel that Netflix should be owned soley for its value as an acquisition target. He said Netflix is still offers an attractive customer service for $8. He said the long list of interested parties in Netflix includes names such as Microsoft ( MSFT), Apple ( AAPL), Amazon.com ( AMZN) and Google ( GOOG).