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2011 Top S&P Stocks: No. 17 CBS

CBS watched its stock soar nearly 40 percent year to date, earning it a No. 17 rating in the 2011 top S&P stocks countdown.

The stock traded in the $26 range Friday, below its 52-week high of $29.68. Its low within the same period was $17.65, with EPS of $1.76.

Trader Steve Grasso said he would follow the trend and buy.

“What happens when a stock makes a 52-week high? They make another 52-week high,” he said.

Grasso pointed to earlier this week, when McDonald’s stock rallied and continued to new highs despite a down market.

The flip side is that a stock will usually fall fast when the momentum breaks.

“You have to be very conscious. Once you start to see that fade, you have to fade the stock immediately,” he said.

CBS, Grasso added, would benefit as media companies duke it out in the online arena.

“In the fight for streaming content, they’re going to be the beneficiary,” he said.

Trader J.J. Kinahan agreed.

“Ride that horse until it’s broken,” he said.

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Trader disclosure: On Dec. 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: Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns D; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; Karabell is long AAPL; Karabell is long IBM;

Steve Grasso
Stuart Frankel & Co and its partners own CSCO

Stuart Frankel & Co and its partners own CUBA

Stuart Frankel & Co and its partners own GERN

Stuart Frankel & Co and its partners own HPQ

Stuart Frankel & Co and its partners own HSP

Stuart Frankel & Co and its partners own HSPO

Stuart Frankel & Co and its partners own MET

Stuart Frankel & Co and its partners own MSFT

Stuart Frankel & Co and its partners own MU

Stuart Frankel & Co and its partners own NYX

Stuart Frankel & Co and its partners own PRST

Stuart Frankel & Co and its partners own UAL

Stuart Frankel & Co and its partners own XRX

Zack Karabell
Rivertwice is short XLF

Rivertwice is short Smh

Rivertwice is long DD

Patty Edwards
Trutina Financial is long APPLE (AAPL)

Trutina Financial is long SPDR GOLD TRUST (GLD)

Trutina Financial is long MICROSOFT (MSFT)

Trutina Financial is long INTEL (INTC)

Trutina Financial is long TEXAS INSTRUMENTS (TXN)

Trutina Financial is long DUPONT (DD)

Trutina Financial is long BERKSHIRE HATHAWAY (BRK)

Trutina Financial is long COSTCO (COST)

Willie Williams
No disclosures

Jeff Kilburg
No disclosures

Greg Zuckerman
No disclosures

Meyer Shields
No disclosures

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