Stocks closed lower after a weak outlook from Texas Instruments and dismal results from Finisar weighed on the tech sector broadly.
However on the positive side, IBM generated some tailwinds after Big Blue renewed its commitment to double its profit by 2015 leading to a string of Street upgrades.
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Guy Adami thinks playing tech is about individual names. He suggests long Oracle and IBM.
Joe Terranova likes Texas Instruments, but not yet. “This is the first real pullback in TXN since September. Let the weaker hands get out of the stock then I’m a buyer,” he says. Terranova also suggests looking Ciena , which was sold off in sympathy.
”In this space, I’d put Hewlett Packard on the radar,” says Tim Seymour. He finds valuations compelling. “At 7 times earnings, versus 13 historically, it’s attractive,” he says.
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BULLS BIGGEST NEMESIS: OIL
Perhaps nothing is more threatening to the rally that the spreading unrest in the Mideast and the recent surge in oil .
Joe Terranova again tells the desk to hold energy equities. He points to refiners holding support and strong demand for gasoline. “I own CVI,” he says.
Tim Seymour thinks, “integrated names look heavy, but I’d stay with the guys that pay a big dividend.” He also doesn’t think oil presents a long-term problem for the market. “I think oil prices are coming down,” he says.
Karen Finerman is concerned about the impact of $4 gas. “It makes me worry about retail,” she says.
Brian Kelly agrees: “$4 gas hurt the economy in the past, I don’t know why it wouldn’t hurt the economy again,” he says. “I’d get out of retail stocks, I’m shortXRT.”
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Trader disclosure: On March 9, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; eymour owns (AAPL); Seymour owns (FXI); Seymour's firm is short (FCX); ami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); nerman's Firm Is Short (IWM); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (MDY); Finerman's Firm is short (XRT); Finerman's Firm is short (IJR); Finerman's Firm Is Long S&P Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm Owns (BAC) Leap, Finerman Owns (BAC); Finerman's Firm Owns (BBY); Finerman's Firm And Finerman Own (BP); Finerman owns (C); Finerman's firm owns (FDO); Finerman's firm owns (GLW); Finerman owns (GM) leaps; Finerman Owns (GOOG); Finerman's Firm And Finerman Own (HPQ); Finerman's Firm Owns (IBM); Finerman's Firm Owns (JPM), (JPM) Leap; Finerman Owns (JPM); Finerman's firm owns (M); Finerman's Firm And Finerman Own (MSFT); Finerman's firm owns (TGT); Finerman's Firm Owns (WMT); rranova owns (VRTS); Terranova owns (C); Terranova owns (GS); Terranova owns (PNC); Terranova owns (USB); Terranova owns (JPM); Terranova owns (UPL); Terranova owns (ABT); Terranova owns (MS); Terranova owns (PBR); Terranova owns (BAX); Terranova owns (TEVA); Terranova owns (CVI); Terranova owns (RSX); Terranova owns (SU); Terranova owns (CNQ)
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