NEW YORK (TheStreet) -- The S&P 500 was essentially flat Tuesday but many investors were focused on several high-profile stocks hosting their shareholder meetings including Netflix (NFLX), General Motors (GM) and Tesla Motors (TSLA).
Tesla has been "absolutely spectacular" over the past few months, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said on CNBC's "Fast Money" TV show. For investors who have enjoyed the recent gains, Najarian recommended selling the stock and buying call options instead to limit their risk. For investors who don't want to sell, purchase put options for protection, he added.
Guy Adami agreed, but he's still bullish on the stock. Tesla has a high level of short-sellers, but so far they haven't covered their positions. Adami, the managing director of stockmonster.com, made the case that the stock has upside toward $290, near its previous all-time high.
This stock could drop back to $190 "very quickly," according to Dan Nathan, co-founder and editor of riskreversal.com. Investors who have missed the recent rally should pass on buying the stock at these levels, he said.
Karen Finerman, president of Metropolitan Capital Advisors, focused her attention on General Motors, which she says is unlikely to be pressured to merge with Fiat Chrysler Automobiles (FCAU). Even a push from big shareholders seems unlikely to make a deal happen.
At the shareholder meeting, GM CEO Mary Barra spoke about a potential merger, saying the automaker is not interested. "When I look at it, the focus that I have is truly on the General Motors shareholder and making sure we execute our plan," she said.