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What’ll Boost Apple, Google: Gillis

Apple's third quarter could provide an unexpected move for the company's stock, BGC Partners Senior Technology Analyst Colin Gillis said Wednesday.

"I think the real question is: Has the weak June quarter been factored in?" he said, referring to 46 Wall Street earnings estimates. "It looks like there's probably some more work that needs to be done to get those numbers down to reflect what will accurately happen in that product refresh cycle."

On CNBC's "Fast Money," he said that Apple preannouncing March quarter suggested it was "not likely to be a disaster."

Gillis predicted "some weakness" and "not much new product," adding that it could be an opportunity, but with a caveat: "The problem with Apple is, you know, it keeps getting lower."

Apple will report quarterly earnings Tuesday after the bell.

Looking at Google, Gillis noted that for the last three March quarters, the company's shares began a 10 percent decline.

But for the longer term, he added, Google's prospects were positive.

"If you do get a pullback because it is heavily owned, that would be an opportunity to take advantage again in the back half of the year," Gillis said.

Google will report quarterly earnings Thursday after the closing bell.

Trader disclosure: On April 17, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY Puts; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds AAPL; Steve Grasso is funds MSFT; Steve Grasso is funds HPQ; Steve Grasso is funds ZNGA; Jon Najarian is long LULU CALLS; Jon Najarian is long TXN PUTS; Jon Najarian is long VXX CALLS; Jon Najarian is short GLD PUTS; Jon Najarian is long FXI PUTS; Jon Najarian is long IWM PUTS; Dan Nathan is long MSFT APR 28 PUTS; Dan Nathan is long AMZN APRIL 240/200/160 PUT SPREAD; Dan Nathan is long JNJ MAY 82.5 PUTS; Dan Nathan is long SPY APR 153/148/143 PUT FLY; Dan Nathan is short XHB MAY 28/30 CALL SPREAD; Dan Nathan is short IWM;

For COLIN GILLIS
Investment banking (next 3 months): BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from all of the companies referenced within this report; Lead or Co-manager: BGC Financial LP and/or its affiliates, has not acted as lead or co-manager in a public offering of equity and/or debt securities for Microsoft within the last 12 months. BGC Financial LP and/or its affiliates has not received compensation for investment banking services in the last 12 months from Microsoft; Lead or Co-manager: BGC Financial LP and/or its affiliates, has not acted as lead or co-manager in a public offering of equity and/or debt securities for Yahoo within the last 12 months. BGC Financial LP and/or its affiliates has not received compensation for investment banking services in the last 12 months from Yahoo; Investment banking (next 3 months): BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from all of the companies referenced within this report; Lead or Co-manager: BGC Financial LP and/or its affiliates, has not acted as lead or co-manager in a public offering of equity and/or debt securities for eBay within the last 12 months. BGC Financial LP and/or its affiliates has not received compensation for investment banking services in the last 12 months from eBay; Investment banking (next 3 months): BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from all of the companies referenced within this report; Lead or Co-manager: BGC Financial LP and/or its affiliates, has not acted as lead or co-manager in a public offering of equity and/or debt securities for Apple within the last 12 months. BGC Financial LP and/or its affiliates has not received compensation for investment banking services in the last 12 months from Apple.

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