NEW YORK (TheStreet) -- The S&P 500 added to Monday's gains, closing higher on Tuesday by 0.70%.
On CNBC's "Fast Money" TV show, the trading panel discussed General Motors (GM) and the recent issues surrounding its recalls.
Tim Seymour, managing partner of Triogem Asset Management, thinks GM will have a poor first quarter but is optimistic over the longer term. He added that sales and the auto market are both strong.
Dan Nathan, co-founder and editor of riskreversal.com, suggested GM could bounce back to the $37.50 level and he was long April $34 calls.
Brian Kelly, founder of Brian Kelly Capital, said the stock has held the $33 level and he was a buyer. He would buy Toyota (TM) near $110.
Steve Grasso, director of institutional sales at Stuart Frankel, was a buyer of Ford (F) at current levels. He suggested investors buy GM on a breakout over $36 rather than trying to pick a bottom.
Michael Ward, a managing director at Sterne Agee, said General Motors has been very transparent and upfront regarding the recent recalls and issues with its vehicles. He added that the failure to recall the vehicles earlier fell under the responsibility of the "old GM" -- the company that filed for bankruptcy in 2009 -- not the "new GM." He concluded that earnings growth should remain strong, particularly in 2015. He was also bullish on Ford.
Jack Nerad, executive editorial director at Kelley Blue Book, said GM's recalls have yet to weigh on auto sales. However, he admitted that when Toyota dealt with a similar situation several years ago -- when cars would suddenly accelerate -- that recall did negatively affect sales. He concluded the current issues at GM will eventually blow over, at least in the mind of consumers.
Grasso likes casino stocks since they typically do well in April. Specifically, he's a buyer of Las Vegas Sands (LVS).
Seymour said investors could sell-short Melco Crown Entertainment (MPEL) near $43 or $44.
Seymour said to stay long the iShares MSCI Emerging Markets ETF (EEM), which should hit resistance near $43. Nathan added that the EEM will likely hit resistance near $42.
When choosing between Facebook (FB) and Gilead Sciences (GILD), Nathan was a buyer of Gilead. He argued the company is growing earnings at a very rapid rate while trading at a more reasonable valuation than Facebook.
Paul Hickey, co-founder of Bespoke Investment Group, was a guest on the show. His top picks for a rebound in momentum stocks include: Biogen Idec (BIIB), Facebook and Mylan (MYL). He added that analysts' expectations are still rather low headed into earnings season. Hickey expects the companies to issue better-than-expected guidance in the upcoming quarter.
Intuitive Surgical (ISRG) climbed 13%, making it the first stock on the show's "Pops & Drops" segment. Nathan was not a buyer.
Cliffs Natural Resources (CLF) fell 2%. Seymour was long the stock but admitted that it will likely remain rangebound until demand for iron ore increases.
Rite Aid (RAD) jumped 2%. Kelly said investors could use $6.20 as a stop-loss target.
KB Home (KBH) rallied 3%. Grasso said the housing market does well in a rising interest rate environment. He was a buyer at current levels.
Grasso said new investors continue to buy Microsoft (MSFT), which hit a 14-year high on Tuesday, as it continues its push into new technologies such as the cloud.
Robert Scoble, startup liaison officer at Rackspace (RAX), was a guest on the show. Regarding Google (GOOG) Glass, he's no longer impressed. He said the product has yet to undergo significant improvements after being introduced more than a year ago.
He critiqued the device's battery life, functionality with photos and its failure to handle applications. However, he did say the device could do really well in the long term and Google's strategy to explore many different technologies is a good.
Nathan added that Apple (AAPL) seems like the most likely company to master wearable devices.
For their final trades, Seymour was a buyer ICICI Bank (IBN) and Grasso was a buyer of Hewlett-Packard (HPQ). Kelly was a buyer of Advanced Micro Devices (AMD) and Nathan was long Costco Wholesale (COST) via April 11 weekly expiration call options.
-- Written by Bret Kenwell in Petoskey, Mich.