NEW YORK (TheStreet) -- The Nasdaq hit its highest point in 14 1/2 years Tuesday, with the index up 0.67%. Investors who want to continue to seeing gains can stay long Qualcomm (QCOM) and Palo Alto Networks (PANW) , Guy Adami, managing director of stockmonster.com, said on CNBC's "Fast Money."
Qualcomm seems likely to climb back to $77, said Dan Nathan, co-founder and editor of riskreversal.com. He also likes Alibaba (BABA) on the long side, if the stock pulls back another 5% or so.
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Steve Grasso, director of institutional sales at Stuart Frankel, disagreed. He likes Yahoo! and said the stock can climb to $55 or even $60 per share as long as $50 acts as support. Stay long Apple (AAPL) , too, he said.
Ambarella (AMBA) shares made an all-time high on Tuesday. Brad Erickson, research analyst at Pacific Crest, boosted his price target on the stock to $55 while maintaining an outperform rating.
Ambarella is a supplier for GoPro (GPRO) and GoPro is having great success with its action camera product leading into the holiday season, Erickson said. Ambarella also has other revenue streams from drones and security cameras, he added, which should help the company should GoPro demand suddenly slow.
Seymour acknowledged that shares of GoPro have traded well since the IPO. However, the stock is completely overvalued near current levels. Nathan agreed.
Two other companies expected to do well this holiday season are Under Armour (UA) and Nike (NKE) . Seymour says investors can buy both but his top pick is Nike, as is Grasso's. Under Armour has better price action, according to Nathan. However, he does find Nike's valuation more attractive. Adami agreed.
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Nike is going to suffer from Under Armour's success, according to Corinna Freedman, senior analyst at BB&T. Under Armour should benefit from increased international exposure. Along with its domestic sales, Under Armour can conservatively generate $2.40 in EPS in 2018, and possibly as much as $3 by then. Her price target is a "conservative" $90.
The conversation shifted to auto stocks. Seymour said investors can buy European and Japanese automakers including Honda (HMC) , Toyota (TM) and Fiat (FCAU) because the weakening euro and yen should boost these companies' profit margins.
Adami disagreed, saying foreign automakers that have the bulk of their sales in North America are unlikely to benefit too much from declining currencies. Investors can stay long Tesla Motors (TSLA) with a stop-loss near $220. The stock looks like it's headed to $290.
Be careful if you're long Tesla, Grasso cautioned. Investors who are nervous about the stock can use the 200-day moving average as their stop-loss, near $245.
Ahmad Chatila, CEO and president of SunEdison (SUNE) , said the company's solar business is growing at about 17% annually and should triple its market share in the next seven to eight years. The company's $2.4 billion acquisition of First Wind should boost revenue growth and diversify the business, he said.
SunEdison makes for a very good emerging markets play as well, Seymour said. If you're an investor, you can buy SunEdison near current levels, Adami added. But shorter term traders should wait for a pullback before getting long. Nathan agreed.
For their final trades, Nathan is buying put options on Apple in order to protect a long position, while Seymour is a buyer of Toyota Motors. Grass said to buy Pandora (P) and Adami is buying Qualcomm.
-- Written by Bret Kenwell