Steve Jobs Returns; What’s The Trade?
By: In extended trade Apple’s stock ticked higher after CNBC’s Jim Goldman confirmed that CEO Steve Jobs had, in fact, returned to Apple .
“Employees have confirmed that they’ve seen Jobs on campus,” Goldman told the desk.
In the past Apple had said that Jobs, who has battled pancreatic cancer, was returning to work at the end of the month.
CNBC has also learned that Jobs had a liver transplant two months ago in Tennessee. Apple has not commented.
But wait, there's more.
On Monday Apple also released figures that suggested the new iPhone was a big hit with customers. They said shoppers snapped up more than a million of the new and improved iPhones which went on sale Friday. To give you some perspective, Piper Jaffray analyst Gene Munster, who tends to be very bullish of Apple, had only expected the company to sell half a million iPhones in the first three days.
What’s the trade?
Despite what seems like bullish news, Joe Terranova and Guy Adami both think the next move for the stock is lower.
“The stock went from $70 to $145 in just a few months,” explains Adami. “Apple is a great company but I just don’t like it here. I think it trades down to $130.”
”However if the market turns around I’ll be a buyer,” adds Terranova.
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Trader disclosure: On June 22nd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (BAC), (BX), (EEM), (FCX), (FITB); Finerman Owns (TBT); Finerman's Firm Owns (FL), (MSFT), (PBR), (RIG), (NOK), (TBT); Finerman's Firm Owns (WFC) Preferred, (BAC) Preferred; Finerman's Firm Is Short (BAC), (WFC), (IJR), (MDY), (IWM), (SPY), (USO); Finerman's Firm Owns (WMT); Finerman's Firm Is Short (XRT); Terranova Owns (SDS), (TER), (XBI), (BTU), (ABT), (MSFT), (HES), (BTU); Terranova Is Short (XOM) Call Spreads; Terranova Is Short (OIH) And (OIH) Puts; Terranova Is Short (RIG) And (RIG) Puts; Terranova Is Short (FCX) And Is Short (FCX) Puts; Terranova Is Short (IBM); Terranova Is Short (GENZ) Call Spreads; Terranova Owns (GENZ) And Is Short (GENZ) Calls; Terranova Owns (X) And Is Short (X) Calls; Terranova Owns (MS) And Is Short (MS) Calls; Terranova Owns (DIS) Call Spreads; Terranova Owns (BRCM) And Is Short (BRCM) Calls; Terranova Is Short (IBM) Calls; Terranova Owns (RIMM) And Is Short (RIMM) Calls; Terranova Is Short August Gold Futures; Terranova Is Short August Crude Oil Futures; Terranova Is Short September Crude Oil Futures; Terranova Is Short December 2009 Crude Oil Futures; Terranova Owns December 2009 Crude Oil Futures; Terranova Is Short December 2011 Crude Oil Futures
