'Fast Money' Recap: Waiting on the Fed

NEW YORK (TheStreet) -- The broader market finished slightly lower on Tuesday ahead of Wednesday's Federal Reserve announcement. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said Facebook (FB) has had a lot of positive news lately and wouldn't recommend shorting it until at least Friday. He added that near $50, traders could buy the stock. 

Tim Seymour, managing partner of Triogem Asset Management, said he liked Google (GOOG) the most, but added that FB's Instagram has a lot of potential value. 

Guy Adami, managing director of stockmonster.com, suggested investors take profits in FB, which could pull back to $52.  

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said FB could surprise investors to the upside in 2014, with huge revenue growth. 

Seymour said Hewlett-Packard (HPQ) is cheap based on its historical valuation levels. 

Kelly disagreed, saying the PC market is still declining and the only positive is its free-cash flow. 

Scaramucci suggested the stock buyback program puts a floor in the stock and it's a solid value play.

Kelly said International Business Machine (IBM) seems like a buy in the short-term. However, the stock price will likely follow the company's share buyback program, which seems likely to decline in the long-term. 

Adami said the stock is likely headed to $157 if it fails to hold the $175 level. 

Turning to the entertainment sector, Adami said he likes Dreamworks Animation (DWA), which looks to have bottomed. However, he cautioned that it's a volatile stock.  

Scaramucci disagreed, and said DWA's debt ratio is very high and that an economic pullback could crush the stock. He suggested investors buy stocks in the space with less debt. 

Seymour's top pick was Disney (DIS), since all of its business segments are firing on all cylinders. 

Kelly suggested investors buy the iShares Russell 2000 ETF (IWM) at $112. He had a target of $120 and stop-loss at $109. Seymour liked the trade and suggested investors play using options. 

Shares of iRobot (IRBT) jumped 17% on an upgrade from Raymond James and Colin Angle, the co-founder and CEO, was a guest on the show. He said the new Rumba 800 is one of the most innovative products in years and should have margins in the upper 40% range. He added that the defense industry is cyclical and could be a growth engine in the future, but not in 2014. 

Seymour complimented the company's margins but said he's neutral on the stock following the large run in share prices. 

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