"It's some risk, but we think the energy area is a good area to invest in, so we see that acquisition as a positive," he said.
Hodges explained that he looked for stocks that "when they're doing well can really move."
Responding to a question from Karen Finerman of Metropolitan Capital Advisers on China, Hodges sounded bullish tones.
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"The news on China goes from everybody boing optimistic to everybody being pessimistic. China's in the initial stages of their growth. It's hard to imagine how large that economy can become over the next 10 years. And we think China is a positive," he said.
"We're going to have quarter-to-quarter variations in just how much the economy is growing there, but it's on a growth track, and we're very positive about the effect of China. And they've been masters on knowing how to buy commodities."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
— CNBC's Stephanie Landsman contributed research to this report. Follow her on Twitter: @StephLandsman.
Trader disclosure: On Aug. 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is funds long CCL; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Tim Seymour is long BAC; Tim Seymour is long CAT; Tim Seymour is long SBUX; Tim Seymour is long FCX; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long DAL; Pete Najarian is long BMY; Pete Najarian is long MU; Pete Najarian is long COP; Pete Najarian is long NSC; Pete Najarian is long KRE; Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long LLY; Pete Najarian is long BMY; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long JCP; Karen Finerman is long CXW; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS.