'Fast Money' Recap: Scavenging for Underperformers

NEW YORK (TheStreet) -- The markets ended flat Wednesday at the start of another earnings season.

The Dow Jones Industrial Average fell 5.67, or 0.006%, to 9725.58, while the S&P 500 was up 2.85, or 0.27% to 1057.57. The Nasdaq added 6.76, or 0.32%, to 2110.33.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said that Alcoa (AA Quote) was up 6% in after-hours trading after it beat revenue and earnings estimates.

Tim Seymour said Alcoa benefited from cost reductions and predicted it will come out of this cycle "stronger than ever." Joe Terranova said the company will benefit from the drive in demand for aluminum as a result of China's stimulus program.

Terranova said aluminum prices, which have been declining since August, would have to reverse direction for Alcoa to benefit in the first quarter of next year.

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

Guy Adami said a better trade than Alcoa at this point is Freeport-McMoRan(FCX Quote).

Lee shifted the discussion to gold which closed at another high. Terranova said he's sticking with the gold trade and sees gold crossing the next hurdle of $1,050 an ounce on the strength of Alcoa's story and an upward movement by equities overnight.

Seymour agreed, saying he doesn't see any pullbacks in gold. Meanwhile, Najarian said he was tired of all the talk about gold because it ignores what he sees are attractive trades in coal and copper stocks.