Stocks started off the week by hitting milestone levels, with the Dow Jones Industrial Average reaching 16,000 and the S&P 500 hitting 1,800 for the first time ever. Metropolitan Capital's Karen Finerman said she's a believer in the rally, adding that she's "going to stick with the things" that she likes. "I'm not selling things into the rally…I have no confidence in my ability time the market," she said. Josh Brown of Ritholtz Wealth Management agreed that there's still room to run for stocks. "I don't quite think that we're at a euphoric high," he said on Monday's show.
Euphoria certainly seemed to be present in the bitcoin market Monday, as the virtual cryptocurrency broke $600 for the first time.
Trademonster's Guy Adami took to the streets of Times Square to ask people if they knew anything about the digital tender. "I'm not really familiar with the terminology," said one pedestrian in front of the NASDAQ Market Site. Others guessed that a chocolate bar was worth more than a bitcoin. Despite the small sampling of those unfamiliar with the currency, bitcoin prices have skyrocketed this year, up more than 4,000 percent in 2013.
While bitcoin surged on Monday, one stock was pulling back from recent highs. Gogo, a provider of in-flight wi-fi service for commercial and private aircraft dropped 11 percent in Monday's session. Gogo CEO Michael Small joined the crew to talk about his company and a 120 percent rise in its stock in the past 3 months.
In addition to new FAA regulations that allow passengers to use electronic devices from gate to gate, Small pointed to a number of other catalysts that have helped his stock soar. These included "very strong earnings, raising our guidance, as well as a series of innovative product announcements that we've made." Josh Brown wasn't concerned about the recent drop in Gogo, saying the company is still "in its early stages…so you can expect a lot of share price volatility."
On Tuesday, news broke that Yahoo plans to increase its share buyback program by $5 billion. Guy Adami said the news was "one more headline to get excited about," adding that "we're going to get a $40 print soon on Yahoo." Tim Seymour, who owns Yahoo, said his reason for buying the stock had to do with the anticipated IPO of Alibaba, of which Yahoo is a 24 percent stakeholder. Regarding the buyback, Seymour said that "they're doing the right things...I think you can still own it." Yahoo has been on fire this year, up some 82 percent year to date.
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And speaking of fire, Michael Burns of Lionsgate joined the crew to talk about his studio's upcoming premier of the hotly anticipated sequel to "The Hunger Games," called "Catching Fire." According to Burns, "we don't want to be the guy that spikes the football on the 5 yard line, but we feel very good about the movie." The first "Hunger Games" film raked in nearly $700 million at the international box office, and was among the top 15 domestic-grossing movies of all time.
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Regarding Lionsgate's stock, Guy Adami called the past month "the first meaningful selloff we've seen in a while," adding, "I think you sort of take a pause here in Lionsgate."
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Wednesday saw a late-day pullback in stocks as the minutes from the latest Fed meeting hinted at the potential for a taper in the coming months. Stuart Frankel's Steve Grasso said "a selloff is coming" but added that "if you're a longer-term guy, stay long." Brian Kelly of Brian Kelly Capital recommended buying puts on the S&P 500 to hedge against any drops in the market.
With the selloff in stocks, the traders offered their top short ideas. Guy Adami picked Western Digital, citing weak demand in the PC market. Karen Finerman called Caterpillar her favorite short, saying "management credibility seems to be tarnished," by a number of estimate revisions this year.
But Anthony Scaramucci of Skybridge Capital warned against being short the overall market. "I don't think the Fed is going to taper as quickly as people think," he said. Adding some historical context, Scaramucci noted that "Eight out of 10 years the market goes up, so you're going to be losing money on the short side eight out of 10 years."
Scaramucci's warning seemed particularly timely, as stocks reversed their downtrend Thursday and the Dow Jones closed above the 16,000 mark for the first time. One stock that did particularly well in Thursday's session was Micron Tech, boosted earlier in the day when Greenlight Capital's David Einhorn called it his best idea at the annual Robin Hood Investors Conference.
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TV legend and "Fast Money" friend Regis Philbin, who had previously recommended Micron during an appearance on "Fast Money," gave a comment on the pop. "I've been trying to tell you guys for years about it. It's now on a Regis tear. If it gets over $20, it's on its way."
Regis wasn't the only high-profile guest featured on Thursday's show. Rick Pitino, coach of the reigning NCAA champion Louisville Cardinals men's basketball team, joined the crew to talk stocks. A self-proclaimed "Fast Money" fan, Pitino said he'll rely on the traders' advice for an upcoming project with his team. "My 13 players are going to give me $300. We opened up accounts. And I'm going to teach them how to buy two stocks, and I'm going to rely on the expertise here."
Pitino also gave a stock pick of his own, naming Michael Kors as his favorite idea. "He has the middle of the road, as well as the high end, and I think he's going to crack over $100," he said, regarding the stock.