NEW YORK (TheStreet) -- After trading lower in the morning, the S&P 500 bounced back, closing Tuesday higher by 0.44%.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said he would sell-short International Business Machine (IBM) ahead of earnings in April.
Steve Grasso, director of institutional sales at Stuart Frankel, said Hewlett-Packard (HPQ) seems to have shaken its "old tech perception." He added the company continues to invest in emerging technology and he likes the stock.
Tim Seymour, managing partner of Triogem Asset Management, said Qualcomm's (QCOM) best days are probably over. However, he added the company still has great technology, with a lot of opportunities -- especially in China.
Brian Kelly, founder of Brian Kelly Capital, was a buyer of Cisco Systems (CSCO) for a plethora of reasons: a solid dividend, low valuation, turnaround story, and investors' rotation into old technology stocks.
With the S&P 500 trading near record highs, Seymour said investors are putting money to work in old technology because the stocks have very low valuations.
Grasso said he expects shares of Intel (INTC) to continue doing well. He added that wearable technology will give both Intel and Qualcomm a boost.
Jason Mackenzie, president of the Americas for HTC, was a guest on the show. Last year's HTC One smartphone was voted the world's best smartphone and he says the HTC One M8 -- the company's newest smartphone -- is even better.
Despite the company losing market share to Samsung and Apple (AAPL), he is confident that quality products with the best technology will eventually win out. In order to combat high-end smartphone saturation, HTC is putting more focus into the mid-end smartphone market and on the pre-paid phone market, he concluded.
Adami said investors can continue to trade Apple from the long side, with support near $525. He added that the stock "feels" like it wants to go higher.
Kelly said he will look to sell out of his long Twitter (TWTR) position when the stock bounces back. Seymour added that shares of Twitter are technically oversold at current levels.
Grasso said he is still long Bank of America (BAC) ahead of Wednesday's payout (cash distribution) announcement from financial stocks, following the stress tests results.
Adami advised investors not to sell Five Below's (FIVE) big move higher. He added that the stock has a 40% short interest, which is very high and will likely propel shares higher over the next several trading sessions.
Tom Werner, chairman, president and CEO of SunPower (SPWR), was a guest on the show. He said the solar industry is much different than a few years ago, mostly because the companies' fundamentals have improved so much. He added that production costs are coming down while solar panel efficiencies continue to rise. He added that the lower costs allow the company to actually compete with traditional electricity providers.
Seymour is long SolarCity (SCTY), saying it has a lot of potential in China and the U.S. residential market.
Tractor Supply (TSCO) fell 2% and was the first stock on the show's "Pops & Drops" segment. Kelly said the weakness in TSCO as well as Home Depot (HD) and Lowe's (LOW) is concerning because they have been market leaders.
U.S. Steel (X) jumped 2%. Adami, who has been behind the stock for several days, said it looks like it will continue higher.
Walgreen (WAG) climbed 3%. Seymour said the acquisition of Alliance Boots is starting to pay off well for the company.
Joy Global (JOY) finished higher by 3%. Grasso said investors should use the move higher to take profits.
Facebook (FB) announced that it will acquire Oculus for $2 billion in cash and stock. Seymour said Facebook is becoming more difficult to value since it continues investing in so many different areas. With that being said, he viewed it as a positive the company is broadening and diversifying its business.
Kelly agreed, saying Facebook is acting like Google (GOOG) by making so many acquisitions outside of its core business.
Grasso suggested the Facebook platform is on the decline while Instagram and its other acquisitions will likely drive its future growth.
Pete Pachel, tech editor of Mashable, was a guest on the show. He said that Oculus is a great company with a ton of potential. Regarding Facebook's acquisition of WhatsApp, he said the strategic move was done to gain global exposure and broaden the company's reach. The Oculus acquisition is a longer-term technology play on future consumer habits.
He concluded that wearable technology is amazing technology, but not always the most fashionable. Because of this, Google announced that it will partner with Luxottica (LUX), which owns brands including Ray-Ban and Oakley. This should help benefit the adoption rate of wearable devices, he concluded.
For their final trades, Adami was a buyer of Symantec (SYMC) and Seymour said to buy Potash (POT). Grasso was looking for a long entry in Google and Kelly was a buyer of the iPath S&P 500 VIX Short-Term Futures ETN (VXX).
-- Written by Bret Kenwell in Petoskey, Mich.
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