'Fast Money' Recap: HP Resurgence

NEW YORK (TheStreet) -- The S&P 500 closed flat while the Nasdaq moved modestly higher.  

Hewlett-Packard (HPQ) beat earnings estimates on the top and bottom lines. 

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said he likes the stock after it raised guidance and looks to have broken out. 

Brian Kelly, founder of Brian Kelly Capital, disagreed and said he would use the pop to take profits. 

Karen Finerman, president of Metropolitan Capital Advisors, said HP has a solid balance sheet but the PC market is still a major headwind. She is not yet a buyer. 

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said he is a buyer based on valuation, great management and strong cash flow. 

Paul Meeks, equity analyst and portfolio manager at Saturna Capital, was a guest on the show who called HP overvalued near current levels. He added that it might be a good short because the PC market is still in a secular decline and the stock doesn't have any near-term positive catalysts. He likes Cisco Systems (CSCO) and International Business Machine (IBM). 

Apple (AAPL) was higher on the day and Kelly suggested investors buy it instead of HP.

Seymour said $530 is an important level for the Apple stock to get through, while a strong holiday season and a deal with China Mobile Limited (CHL) in 2014 could be positive catalysts. 

Scaramucci said he is bullish on the stock in the long term and believes iPad sales will be strong this quarter. 

Turning to the Russell 2000, Kelly said the index will likely put in a long-term top in the next three to six months. 

Finerman said the index is very expensive and suggested a short-Russell 2000, long-S&P 500 trade. 

Tom Stemberg, managing general partner of the Highland Consumer Fund, was a guest on the show and said he wishes he could buy more shares of Tile Shop Holdings (TTS). He said it has great management, while its more specific tiling products offer wider margins than the commoditized tiles available at Home Depot (HD) or Lowe's (LOW). 

Men's Wearhouse (MW) offered to buy Jos. A. Bank Clothiers (JOSB) and Finerman thinks some type of deal will eventually get done. 

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