NEW YORK ( TheStreet) -- The S&P 500 sold off early Tuesday before rallying to close modestly higher.The big news on Tuesday was hedge fund manager Carl Icahn revealing, via Twitter, that he has a large position in Apple ( AAPL). On CNBC's "Fast Money" TV show, Karen Finerman said she was happy to see him in the name, but doesn't think he'll have too much of an activist role. Brian Kelly said the company might increase the buyback program a little bit because of Icahn, but largely agreed with Finerman that Apple was too big to be influenced by one man. Dan Nathan said Apple could surpass $500 in the next day or so. He added that the timing of Icahn's announcement came right when the stock was at the 200-day moving average, which was seen as resistance. Brian Marshall, senior analyst at ISI Group, said Apple is likely open to hearing opinions from large shareholders, and that management is willing to listen much more than in the past. Switching companies, he said Dell ( DELL) investors should accept founder Michael Dell's and Silver Lake's $13.75 takeover offer. Tim Seymour said the airline stocks can continue going higher, despite the U.S. Department of Justice blocking a merger between US Airways Group ( LCC) and American Airlines. He added that this move is a win for consumers. Kelly said he likes United Continental Holdings ( UAL) as a trade, since the drop looks overdone. For a travel play, he he prefers Hertz Global Holdings ( HTZ). Nathan said there's not really any rush to get into the airline stocks after Tuesday's selloff, but would be a buyer of Delta Air Lines ( DAL) once the sector became oversold. BlackBerry ( BBRY) was the first stock on the show's "Today's Trending Trades" segment. Nathan said that half of the company's market cap is in cash and it has no debt. While there might be reasons for a takeover, the stock will probably start to fall if the chatter starts to quiet down. Baidu ( BIDU) is up over 40% in the past month. Seymour said the stock isn't that expensive at 19 times forward earnings.
Citigroup ( C) popped higher on Tuesday before fading towards the end of the day. Mike Khouw said there was a large seller of the December $52.50 call options, indicating that a high might be in for the year. In a "Fast Money" exclusive, Ed Bosek, chief investment officer of BeaconLight Capital, said shares of Jos. A. Bank Clothiers ( JOSB) should go to $70. The company has an immense cash position of approximately $13.50 per share. He added that normalized earnings are closer to $4 per share, rather than the current annual estimate of $3 per share. If the company used that money to buy back shares, Bosek said, it could repurchase almost 30% of the outstanding share count. This would increase future earnings per share, while not having any negative affects on net income. From a pure technical standpoint, Kelly said it appears that Icahn Enterprises L.P. ( IEP) broke out to the upside after news of Icahn's position in Apple. Deere ( DE) reports earnings Wednesday and shares have been under pressure over the past three months. Khouw said the company is cheap based on its own historical valuations, and he likes the stock below $80. Macy's ( M) also reports earnings on Wednesday. Finerman said it's okay if the company has a bad quarter because she's in it for the longer term. Seymour said investors love master limited partnerships such as Enbridge ( ENB) because of the high yield. However, rising interest rates will continue to pressure the balance sheet even as the selloff looks tempting. Finerman said Microsoft ( MSFT) has a lot of problems with the PC and isn't really worth a look because it will be a while before it ever trades with a premium multiple. Rio Tinto ( RIO) is up 25% since the July lows. Nathan said he doesn't want to chase it in the short term, but it could be a longer-term buy if it retest the lows. For their final trades, Khouw was looking for portfolio insurance via put spreads on the SPDR S&P 500 Trust ETF ( SPY) and Nathan was taking profits in Google ( GOOG). Seymour said to buy Exxon Mobil ( XOM) and Finerman was a buyer of Men's Wearhouse ( MW). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on Twitter and become a fan on Facebook.