'Fast Money' Recap: Dan Loeb and John Paulson Sold Alibaba; Should You?

NEW YORK (TheStreet) -- The S&P 500 closed at another new high so the CNBC "Fast Money" traders looked at some recent moves by hedge fund managers.  

Tim Seymour, managing partner of Triogem Asset Management, said Dan Loeb and John Paulson both sold out of their Alibaba (BABA) positions. Seymour remains long the stock and considers it cheap based on its strong growth rate. He also believes the stock is setting up to have a nice move higher

The stock also looks good on the long side to David Seaburg, managing director and head of sales trading at Cowen & Company. After a brutal selloff over the past six months, Alibaba appears to be under-owned by many funds and investors. The stock is at a good level to continue getting long, he said. 

Brian Kelly, founder of Brian Kelly Capital, likes Alibaba but has his eye on General Motors (GM) after it was revealed David Einhorn recently took a long position. While its shares haven't traded all that well over the past few months, GM now looks to be at support and offers a good risk-to-reward to shareholders who get long. 

There has also been speculation that McDonald's (MCD) may be facing activist investors. Despite Yum! Brands (YUM) having vastly outperformed McDonald's, Steve Grasso, director of institutional sales at Stuart Frankel, says it's time to sell Yum! and buy McDonald's. 

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