Adami: Will Apple Shares Hit May Lows?

Wednesday, 5 Dec 2012 | 5:30 PM ET
Adami: Will Apple Shares Hit May Lows?
Apple shares plummet, leading pros to call how far the stock price has left to go.

Apple shares plummeted more than 6 percent Wednesday for its worst trading day in four years, leading CNBC "Fast Money" pros to call how far the stock price has left to go.

Drakon Capital's Guy Adami noted that the stock couldn't rally on a day the S&P and the Dow ended in positive territory.

"The game here now is does it push down to the May 18 level? My sense is that, yes, it does," he said. "It's imperative in my world that it holds, now, $520."

Brian Kelly of Shelter Harbor Capital raised the issue of a margin requirement change by COR Clearing.

"I would say that when you start talking about margin selling, that's a deleveraging process," he said.

Kelley added that the news could lead other firms to make similar moves.

"Apple was under pressure today, but you had the overall market higher. You had Cat tractors higher," Stuart Frankel's Steve Grasso said. "There was a time where we thought if Apple was down, the market was down."

Trader disclosure: On Dec. 5, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long HPQ; Steve Grasso is long F; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Brian Kelly is long XLE; Brian Kelly is long EWT; Brian Kelly is long EXT; Brian Kelly is short QQQ; Brian Kelly is short XLV; Tim Seymour is long C; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long NOK; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MICROSOFT; Guy Adami is long AGU; Guy Adami is long NUZ; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at MRK.

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