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Halftime: Are Tech Stocks 'Broken'?

As stocks suffered a sell-off Tuesday, Cisco shares hit its lowest level in roughly 18 months, leading "Fast Money" trader Joe Terranova to call technology stocks "broken."

Across the board, tech companies haven't been able to get their growth rates up and now we're seeing hedge funds sell those names, explained Terranova, chief market strategist of Virtus Investment Partners.

When options trader Jon Najarian looks at Cisco , he can see it's "cheaper," but doesn't necessarily think it's "attractive." Instead, he's waiting to buy Apple or Netflix on a 3 to 5 percent dip. Specifically, he'd buy Apple at roughly $290 a share.

In the options market, Najarian noted there's a lot of activity in the ProShares UltraShort S&P 500 exchange-traded fund, which tells him people are using it to get long the S&P.

Watch the video to see the full conversation on tech.

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TRADING RETAIL

While the market sold-off Tuesday, Walmart was one of the few stocks that remained in the green.

The nation's largest retailer reported better-than-expected earnings. Patty Edwards, chief investment officer at Trutina Financial, said it was mostly international sales that drove the numbers. She expects that trend to continue.

Meanwhile, Urban Outfitters — the number one stock on the S&P right now — "knocked it out of the park" with its earnings report, said Edwards. Home Depot also had positive earnings results, which included solid revenue growth.

"They're still getting people through the stores. They're cutting their costs," said Edwards of HD. "They're doing all things right and that is what I want to see in a retailer right now."

Brian Kelly, founder of Kanundrum Capital, is long HD.

Watch the video to see the full conversation on retail earnings.

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UNDER THE RADAR: CREE

Shares of Cree bucked a down tape Tuesday after catching an upgrade from Morgan Keegan. Citing fewer headwinds, the firm upgraded Cree to 'outperform' from 'market perform.'

Harsh Kumar, the analyst who made the call, said the Chinese government has set forth new standards for street lights. Since Cree supplies the Chinese with those lights, Kumar thinks this will be a "big driver" going forward.

To see the full conversation on Cree, watch the videoit starts at 2:30.

What's the Trade?

Kelly likes the story overall and recommends buying this name.

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CALL THE CLOSE

Both Kelly and Edwards are sellers of the market.

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Total Votes:

Not a Scientific Survey. Results may not total 100% due to rounding.

Najarian thinks the market will hold its ground into the close.

Terranova said "it's protection time."

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Trader disclosure: On November 16, 2010, the day this video was recorded, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova owns (AAPL), (UPL), (C), (PEP), (OIH), (GS), (FCX), (VRTS), (POT) and (IBM). Joe Terranova owns (FCX) puts. Jon Najarian owns (WMT), short calls. Jon Najarian owns (DLTR), short calls. Jon Najarian owns (DG), short calls. Jon Najarian owns (HD) call spreads. Jon Najarian owns (CREE) call spreads. Jon Najarian owns (BKE) call spreads. Jon Najarian owns (GDXJ) put spreads. Jon Najarian owns (GLD) put spreads. Jon Najarian owns (SLV) put spreads.

JOE TERRANOVA
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CMS)
Virtus Investment Partners own more than 1% of (CSC)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (FCFS)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SOA)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (WMB)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DRYS)

BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (C)
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (IEF)
Accounts Managed By Kanundrum Capital Own (TIP)
Accounts Managed By Kanundrum Capital Own (REE)
Accounts Managed By Kanundrum Capital Own (GDXJ)
Accounts Managed By Kanundrum Capital Own (HD)
Accounts Managed By Kanundrum Capital Are Long Euro
Accounts Managed By Kanundrum Capital Are Short (YEN)

PATTY EDWARDS
Edwards owns (CSCO) for clients
Edwards owns (SLB) for clients
Edwards owns (GLD) for clients
Edwards owns (GS) for clients
Edwards owns (BKCC) for clients
Edwards owns (BMO) for clients
Edwards owns (SLV) for clients
Edwards owns (HD) for clients
Edwards owns (MAT) for clients
Edwards owns (SH) for clients
Edwards owns (LQD) for clients
Edwards owns (JNK) for clients

EMILY FRENCH
***No Disclosures***

HARSH KUMAR
Morgan Keegan makes a market in (CREE)
Morgan Keegan has received compensation for investment banking services from (CREE) in the past 12 months.
Morgan Keegan intends to seek compensation for investment banking services from (CREE) in the next 3 months.

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CNBC.com with wires.

Symbol
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CREE
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CSCO
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HD
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NFLX
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SDS
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URBN
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WMT
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AAPL
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