NEW YORK (TheStreet) -- The S&P 500 slid 0.05% but the focus was on Alibaba (BABA) , which debuted for trading on Friday at $92.70, well above of its initial public offering price of $68. The stock closed 38% higher and ended the day with a market cap of $242 billion.
On CNBC's "Fast Money" TV show, the trading panel took a look at the newly public company.
Tim Seymour, managing partner of Triogem Asset Management, said shares of Alibaba look "very interesting" and the company should be attractive to shareholders. He is waiting for the stock to settle down a bit but argued that it has a "massive advantage over the competition" due to its size and margins.
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Guy Adami, managing director of stockmonster.com, said that because investors cannot sell short Alibaba, cannot use options, and many cannot or will not sell their long position in the stock, they resorted to selling shares of Yahoo! (YHOO) as a hedge. Yahoo!, which now owns a 16.3% stake in Alibaba, declined on Friday as a result, he suggested.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said he added to his long position in Yahoo! because it was unfairly sold off, likely due to the reasons that Adami suggested. Alibaba options will be available on Sept. 29.
Brian Kelly, founder of Brian Kelly Capital, said he bought shares of Yahoo! near $40.50. The company's core business is not being valued correctly near current levels, it is actually being valued at a negative amount. He also bought the stock because of its exposure to Alibaba.
Martin Pyykkonen, managing director at Rosenblatt Securities, said investors who were able to buy Alibaba at $68 got a very "fair price." The stock is "still fairly priced" up near $93 but is no longer cheap. The company can certainly grow into its current valuation, he concluded.
Home Depot (HD) traded higher on news that its data breach compromising 56 million credit and debit cards is not as bad as many investors previously thought. Adami pointed out the company also raised full-year 2015 guidance, but he still suggested taking profits near current levels. Seymour said he likes Home Depot for its exposure to housing.