'Fast Money' Recap: The Market Is Slow, Tesla Is Racing

NEW YORK (TheStreet) -- The S&P 500 was basically unchanged on Monday, closing lower by 0.01%. 

Ben Kallo, senior research analyst at R.W. Baird, was a guest on CNBC's "Fast Money" TV show, taking a look at the recent move higher in Tesla Motors (TSLA). He has a buy rating with a $275 price target on Tesla. 

He said the company's confirmation that the Model X will be available in the beginning of 2015 is giving investors confidence in the company's pipeline. He added that the recent positive steps in state legislatures easing up on direct auto sales is also helping the stock. Kallo suggested that the second half of 2014 would be strong for Tesla, as will production volume and vehicle deliveries for the second quarter. 

Guy Adami, managing director of stockmonster.com, said shares of Tesla look poised to retest the highs near $265, after breaking out strongly over $225. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said momentum stocks, like Tesla and 3D Systems (DDD) seem likely to continue moving higher as investors get back into these high flying stocks. 

Micron (MU) beat on the revenue and earnings, but shares were moving lower in the after-hours. Steve Grasso, director of institutional sales at Stuart Frankel, said he is disappointed by the stock's price action and reasoned that shares are likely to move higher on strong NAND and DRAM demand. 

Tim Seymour, managing partner of Triogem Asset Management, told investors not to jump into stocks --  specifically Micron -- based solely on large hedge fund interest, since retail investors will never know what the firms are truly doing with their positions. 

Shares of Freeport-McMoRan (FCX) jumped on Monday after it closed the $3.1 billion sale of assets in the Eagle Ford shale. Seymour said the sale was a good decision and the stock has more room to the upside. Najarian agreed. 

Adami said Alcoa (AA) looks like it "'wants to continue to trade higher."

Oliver Chen, senior retail analyst at Citigroup, has a neutral rating on Lululemon Athletica (LULU) with a $40 price target. In regards to founder Chip Wilson, who owns 28% of the company, taking the company private, Chen said it's possible. Wilson and/or others could use a leveraged buyout to take over Lululemon with a combination of debt and equity. The price would be at a premium to today's levels, he said, possibly by 10% to 15%. 

Najarian said he likes Lululemon Athletica with or without a buyout. The company has good online growth and the stock is oversold, he reasoned. 

Seymour said the company has been improving, as has its marketing. While the stock is interesting near current levels, he is not a buyer at the moment. 

Adami said Chesapeake Energy (CHK) could trade higher. 

Najarian pointed out the bullish options activity in shares of Applied Materials (AMAT). Specifically, he noted a buyer of 28,000 January $24 call options. He got long these call options too. 

Oracle (ORCL) will acquire Micros (MCRS) for $5.3 billion. Seymour said the acquisition will be "immediately accretive" to Oracle, which is great at buying and consolidating businesses, he said. The stock is cheap compared to the S&P 500, too. Adami and Najarian said shares of Oracle can move higher. 

Adami said Google (GOOG) looks likely to hold the $550 level, and eventually make a move up toward $600.

Najarian said Intel (INTC) seems likely to move higher while Nvidia (NVDA) is a buy on pullbacks. 

Adami said Advanced Micro Devices (AMD) could take out the $4.50 level on the upside, if it can gain some of its "mojo." 

Seymour is a buyer of INTC based on its dividend yield and push into mobile.

Groupon (GRPN) climbed 6% and was the first stock on the show's "Pops & Drops" segment. Grasso called the stock "buyable" at current levels. 

Yingli Green Energy Holding (YGE) fell 4%. Seymour said he is not a buyer. 

BlackBerry  (BBRY) jumped 3%. Adami told investors to take profits if the stock fails to breakout over $10.50. 

Buffalo Wild Wings (BWLD) jumped 6%. Najarian said he would avoid the stock after the recent rally, as the valuation is now a little too high. 

Seymour said Procter & Gamble (PG) is a buy based on its cash flow, dividend yield and iconic brands. 

Najarian said Goldman Sachs (GS) could retest its previous 52-week high near $180, based on its increased involvement in M&A, secondary offerings and IPOs. 

Grasso is a buyer of Home Depot (HD), so long as interest rates remain low and the housing market continues to "steadily" improve. 

Adami likes General Electric (GE), which is expanding more into industrial and energy businesses while having less dependency on its GE Capital business. 

Dennis Gartman, editor and publisher of The Gartman Letter, said oil prices could be headed higher, but not because of Iraq. Instead, he shifted his focus to Nigeria, which produces roughly 1.9 million barrels of oil per day and has some of the "best" oil in the world. He added that if there's an issue, it's unlikely to become a problem any time soon, but it is a situation investors should keep their eye on, he concluded. 

Mike Vorhaus, president of Magid Advisors, looked at GoPro, which could go public as early as this week. The company generates a lot of content from its user base -- which is full of young people and early adopters. He added that GoPro could be a successful media and consumer products company. The company could also be acquired following its IPO, he reasoned.  

Najarian said he was surprised that Apple (AAPL) never bought GoPro because it would fit well into its arsenal.  Grasso is not a believer in GoPro. Seymour was not either, saying it will likely fail with its attempt at content.

Harley-Davidson (HOG) introduced its electric motorcycle, which is not yet available to the public. Seymour called the stock a "neutral" at current levels and he is not a buyer. 

Grasso said the new vehicle is what younger people are looking for and thinks it will do well when it is available. 

Grasso reasoned that JetBlue Airways (JBLU) seems poised to trade higher.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

Follow TheStreet.com on Twitter and become a fan on Facebook.


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

More from Jim Cramer

JetBlue, Southwest, Johnson & Johnson: 'Mad Money' Lightning Round

JetBlue, Southwest, Johnson & Johnson: 'Mad Money' Lightning Round

Worried About the Right Thing?: Cramer's 'Mad Money' Recap (Tuesday 8/14/18)

Worried About the Right Thing?: Cramer's 'Mad Money' Recap (Tuesday 8/14/18)

Rewind: Jim Cramer on Home Depot, Tapestry, Nordstrom and Square

Rewind: Jim Cramer on Home Depot, Tapestry, Nordstrom and Square

Jim Cramer on Tapestry: Accessories Are the Hottest Area of Retail

Jim Cramer on Tapestry: Accessories Are the Hottest Area of Retail

Jim Cramer on Tuesday's Market Gains: Let's Not Get Carried Away

Jim Cramer on Tuesday's Market Gains: Let's Not Get Carried Away