Regis Philbin, a TV legend, who recently finished his hedge fund internship, loves Alibaba Group Holding Ltd (NYSE:BABA). He said he acquired the stock when it was still in its $80s. The stock has shot up in the recent times. Philbin, who was on CNBC alongside other Fast Money traders, also revealed interest in other stocks. He likes Tesla Motors Inc (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN) and Yahoo! Inc. (NASDAQ:YHOO). However, he jettisoned Micron Technology, Inc. (NASDAQ:MU).
Philbin said he loved Alibaba which is one of the most valuable brands in China and its connection with Yahoo! Inc. (NASDAQ:YHOO) even made it a better pick for him. Experts have cited that Alibaba Group Holding Ltd (NYSE:BABA) still has room to grow because of the fast-expanding Chinese e-commerce market. Additionally, it has yet to exploit opportunities in the International market.
Alibaba Group Holding Ltd (NYSE:BABA) had also been reported as showing interest in some Hollywood studios, through which may invest its IPO money or enter into strategic partnerships.
“I’ve been long both for a long time,” he said. “Yahoo, when it gets past or through $50, I’m out of that trade, but I think Alibaba does go higher over time. That’s one I think you put in the drawer, Regis. Don’t look at it. It bobs around, a little bit of volatility. I think this ultimately goes towards $150,” said Pete Najarian of OptionMonster.
Amazon.com, Inc. (NASDAQ:AMZN) is also among Philbin’s latest picks. However, the fact that shares of Micron Technology, Inc. (NASDAQ:MU) declined from around $34 to just about $28 made him lose appetite for the chipmaker.
Trading Tesla Motors Inc (NASDAQ:TSLA) has also made Philbin a lot of gains.
“I don’t own the car but I bought the stock when it got real deep, real low. And then went up high I sold it and made a lot of money. But all of a sudden it goes up and down, up and down. I’m waiting for it to go down that low again. It hasn’t,” he said.
Guy Adami of Private Advisor Group sees Tesla Motors Inc (NASDAQ:TSLA) reaching $300.
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