'Fast Money' Recap: S&P Snapback

NEW YORK (TheStreet) -- The S&P 500 snapped its losing streak, closing higher by 0.38%. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said investors can "trust" Tuesday's rally. He added the S&P 500 seems likely to continue moving higher but won't make new all-time highs this month.  

Tim Seymour, managing partner of Triogem Asset Management, said investors should avoid stocks that are overvalued. He was a buyer of Apple (AAPL). 

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, called the market "okay" at current levels. He added that he is bullish over the long term. 

Karen Finerman, president of Metropolitan Capital Advisors, said she would not sell into Tuesday's rally. She suggested investors look for quality companies with reasonable valuations such as Google (GOOGL). 

Seymour likes General Motors (GM) because of its valuation and the strong U.S. auto market. Adami said investors could stay long the stock with a stop-loss at $34.

Chris Verrone, head of technical analysis at Strategas, said the S&P 500 is likely to decline another 40 to 50 points. He added that possible support could be found near 1,770 to 1,780. However, he argued that individual stocks can still be attractive. He liked Microsoft (MSFT). 

Seymour said investors should use broad-based emerging market funds rather than country-specific funds. He added that he is a seller of the iShares MSCI Brazil Capped ETF (EWZ) and a buyer of the iShares MSCI South Korea Capped ETF (EWY). 

Pete Pachal, technology editor at Mashable, was a guest on the show. Regarding Google Glass, he said the product has unintentionally slipped into a "niche" category. This happened because the device seems more beneficial for the workplace than for consumers. He agreed that it would be beneficial for workers such as surgeons or pipeline inspector, but argued that Google will likely try to change the not-for-consumers perception. 

Seymour said Tesla Motors' (TSLA) lease program intentions are good but that it still doesn't justify the stock's valuation. He suggested that it is likely headed to $200. 

CNBC's John Jannarone was a guest on the show. Amid declining soda volumes, he said that it may make sense for Coca-Cola (KO) to buy Monster Beverage (MNST). Coke distributes roughly half of Monster's product in the U.S., meaning Coca-Cola's business operations will suffer should Monster get taken out by a different beverage company. While the deal would be large, it could give the soda maker a much needed sales boost. 

Scaramucci called Coca-Cola a "very long-term" core position for investors. While the stock is likely to "tread water" for a while, it will continue to grow earnings per share and its dividend. 

Adami said Alcoa (AA) seems likely to go higher and could surpass $14 by the end of the year. 

Seymour said Southern Copper Company (SCCO) and Freeport-McMoRan (FCX) could rally soon. 

If Russia were to cut off its natural gas supply to Ukraine, Finerman said Golar LNG Limited (GLNG) would benefit the most since it transports liquified natural gas. 

Mark Dunkerley, president and CEO of Hawaiian Holdings  (HA), is bullish on international travel. Most recently, the airline began flying directly to Beijing, China, a route for which he has high growth expectations. He suggested that March travel levels were below expectations because the Easter holiday is later in the calendar year. While the company has increased its expenses for new aircraft, he argued that the balance sheet is continuing to improve.

Scaramucci said Hawaiian Holdings has "great fundamentals" and improving margins. He added that American Airlines (AAL) and Delta Air Lines (DAL) also look attractive.

Nike (NKE) jumped 3% and was the first stock on the show's "Pops & Drops" segment. Adami said investors could stay long with a stop-loss at $70. 

Dr Pepper Snapple Group (DPS) fell 4%. Scaramucci said to avoid the stock. 

Nokia (NOK) jumped 5%. Seymour said the stock needs to get through $8 and he was a buyer of LM Ericsson Telephone Company (ERIC) instead. 

Nordic American Tankers (NAT) plunged 10%. Finerman was not a buyer at current levels. 

Dr. Emil Kakkis, president and CEO of Ultragenyx (RARE), was a guest on the show. Unlike most small-cap biotech companies, Ultragenyx has four different drugs for four different rare diseases. He argued that while the market for rare diseases is much smaller than more common illnesses, the price tag for the drugs -- for better or for worse -- is much more expensive.

He added that he would rather have the drugs created at a high price than not created at all. He hopes the government will establish programs for patients with inadequate funds to still receive treatments, he concluded. 

Seymour said the iShares Nasdaq Biotechnology ETF (IBB) does not appear to be done declining. He was not a buyer at current levels. 

Scaramucci said investors could consider buying Darden Restaurants (DRI). He argued the stock is a value play with activist fund managers who are seeking to unlock value for shareholders. 

Seymour was a buyer of McDonald's (MCD) and a seller of Burger King Worldwide (BKW), both on valuation. 

Finerman was not yet a buyer of CBS Outdoor (CBSO) because its parent company, CBS Corp. (CBS), still owns a large stake in the company. However, she argued that outdoor advertising has yet to decline like many naysayers have been claiming. 

Adami likes Royal Phillips NV (PHG), which reports earnings at the end of April. 

For their final trades, Finerman was buying Navigator Holdings (NVGS) and Scaramucci was a buyer of Morgan Stanley (MS). Adami was buying Family Dollar (FDO) and Seymour said to sell the iShares MSCI India Index ETF (INDA). 

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.

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