NEW YORK (TheStreet) -- The Dow Jones Industrial Average nearly finished flat on the day while the Nasdaq closed lower by roughly 0.5% Thursday.
Brian Kelly, founder of Brian Kelly Capital, said the PowerShares QQQ Trust ETF (QQQ) bounced off strong support near $86.70. He added that it is likely to bounce from current levels.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, pointed out the continued downward pressure in expensive stocks such as Netflix (NFLX) and Amazon (AMZN), while names like Intel (INTC), Qualcomm (QCOM), Microsoft (MSFT), Caterpillar (CAT), and General Electric (GE) all continue to perform relatively well.
Karen Finerman, president of Metropolitan Capital Advisors, also pointed out the weakness in momentum names and said shares of Macy's (M) have done well lately.
Guy Adami, managing director of stockmonster.com, said Priceline (PCLN) is not expensive in terms of valuation and looks good from the long side. He added that investors could also try Twitter (TWTR) on the long side, too.
Rick Sherlund, managing director at Nomura Securities, said CEO Satya Nadella is doing a great job so far at Microsoft (MSFT). He added the company is focusing more on mobile and cloud rather than solely focusing on Windows.
He said if the company bought back 10% of its shares and cut costs by 10%, Microsoft stock would appreciate by $10. He added that the enterprise business is a big opportunity for the company. Sherlund has a buy rating on Microsoft with a $45 price target.
Najarian agreed with the price target. Kelly added that he is long Microsoft, which has support at $39.
Najarian said investors will likely do better being long Las Vegas Sands (LVS) and Wynn Resorts (WYNN) rather than Caesars Entertainment (CZR), which just announced a secondary offering of seven million shares.
Finerman said the cash distribution denial for Citigroup (C) is bad news. However, she argued that the long-term story remains intact.