'Fast Money' Recap: Nike Scores

NEW YORK (TheStreet) -- Mixed economic data weighed on stocks during Tuesday's session.

The Dow Jones Industrial Average declined 47.16, or 0.48%, to 9,742.20, while the S&P 500 slipped 2.37, or 0.22%, to 1,060.61. The Nasdaq, meanwhile, lost 6.70, or 0.31%, to 2,124.04.

The panelists on CNBC's "Fast Money" TV show started the session off by discussing Nike(NKE Quote), which topped analysts' expectations with its quarterly earnings after the bell Tuesday.

There was nothing but praise for the sneaker concern. Karen Finerman mentioned Nike's improving gross margins. Pete Najarian noted the bullish activity in Nike options of late, while Joe Terranova said Nike's earnings represented "a good story going forward for the market," and Steve Grasso added, "You just gotta buy Nike."

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

High-end department store Saks(SKS Quote) also issued news after Tuesday's close, announcing a $100 million stock offering. Finerman, noting the company's high debt levels, suggested that any move to clean up the company's balance sheet will help, while Steve Grasso countered that the offering at this moment is nothing but a sign of weakness.

Moving to the day's economic data, Steve Grasso addressed the disappointing consumer confidence figures issued by the Conference Board Tuesday morning. "The concern that's still out there is jobs," he said.

Karen Finerman doesn't put much stock in the consumer confidence metric as a real indicator. "Of all the economic data we see," she said, "it's the least interesting," adding that whenever the market rises or falls on this particular report, she's doesn't take much away from it.