'Fast Money' Recap: Stay Away From Semiconductor Stocks

NEW YORK (TheStreet) -- The S&P 500 was flat on Friday but semiconductor stocks weighed on the Nasdaq, which declined 0.65%. Leading the group lower was Micron (MU), which plunged 18% after its worse-than-expected earnings results. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said investors can buy the stock and use a stop-loss of $19. Investors should continue to avoid Qualcomm (QCOM). 

For whatever reason, Qualcomm continues to trade poorly despite its large buyback plan, added Tim Seymour, managing partner of Triogem Asset Management. He still likes Intel (INTC), as the company diversifies away from the PC market with its acquisition of Altera (ALTR).

Steve Grasso, director of institutional sales at Stuart Frankel, finds chip stocks too risky. Instead, he likes housing companies like PulteGroup (PHM) and KB Home (KBH), as well as Bank of America (BAC). 

Brian Kelly, founder of Brian Kelly Capital, also took a pass on buying chip stocks. Instead, he was "positively surprised" at how well Microsoft (MSFT) has been trading and recommended the stock on the long side. 

Micron wasn't the only loser on the day. The Shanghai Composite declined more than 7%, putting the index down by 12% for the week. Analysts at Morgan Stanley said not to buy the dip. 

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