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Stocks Fall, But Apple Powers Higher

The bulls spent Monday fighting early weakness in the market by pushing technology shares higher.

Blockbuster sales of Apple’s latest gadget – the iPhone 4 -- ignited enthusiasm across the sector after early reports suggested Apple sold 1.7 million units over the first 3 days that the device was available to customers.

Chip stocks traded higher broadly on the phone’s success.

How should trade tech now?

Instant Insights with the Fast Money traders

The action in Apple looked strong into the close, says Jon Najarian. I think the stock is going to $300. In the space, I’m also bullish SanDisk and Akamai .

Many companies in tech have great balance sheets and pricing power, says Joe Terranova, but investors need to be stock specific To me that’s Apple and Akamai, he says.

If you want to play and think the market is about to bounce, I like Intel and IBM , says Guy Adami. But if you’re bearish, I’d be careful.

I like Intel too, says Tim Seymour, but I worry about tech broadly if we’re moving into a period of consumer weakness.

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AFTER HOURS ACTION

Shares of Micron slipped in extended trade Monday with investors disappointed by its latest quarterly report; despite results that largely beat expectations.

Micron said net profit came to $939 million, or 92 cents per share in the quarter ended June 3, compared with a net loss of $301 million, or 37 cents per share, a year earlier.

The Boise, Idaho-based company is starting to see some uptick from resurgent corporate spending on computer technology, as budgets loosen after years of belt-tightening

Nonetheless, the company's shares slid 5 percent, giving up most of the gains acquired in regular trading on Monday.

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FINREG PUSH BACK

After the close, Sen Russ Feingold (D-WI) said he would not vote to advance fin reg denying his fellow Democrats the 60th vote they need to clear a final hurdle in Congress.

"My test for the financial regulatory reform bill is whether it will prevent another crisis," Feingold said in a prepared statement. The bill "fails that test and for that reason I will not vote to advance it."

That combined with death of Senator Robert Byrd (D-WV) calls into question just how quickly the Dems can get financial regulation through Congress.

How should you be positioned?

I don't like the developments because if there's one thing that will hurt bank stocks it's uncertainty, says Tim Seymour.

The conversation about regulation is not over, reminds Joe Terranova. There's no certainty in this space whatsoever.

* Find out why FBR analyst Ed Mills says the developments may delay the bill they won't kill it. Watch the video now!

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LEADERS & LOSERS COME QUARTER'S END:

With the second quarter coming to an end on Wednesday there could be a number of names money manager don't want on the sheets. But if they sell, should you buy?

Mike Khouw of Cantor Fitzgerald is watching the following:

Monsanto – This is a stock with a lot of problems, he says. It’s not a name you want to own right now. Although the valuation may look attractive, it has real fundamental problems in margins and pricing power.

Foster Wheeler– This sock tends to move in lock-step with energy, he says. It’s been beaten up badly but in this case the weakness may be an opportunity.


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MARKET BUZZKILL: COMMODITIES

Commodity and commodity names fell on Monday with steel names experiencing the biggest declines; both US Steel and AK Steel fell sharply.

What’s the play?

The steel makers are losing pricing power, explains Guy Adami. That doesn’t bode well.

I don’t want to own steel here either, says Tim Seymour. And I’m also worried about Vale .


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CALL TO THE FLOOR: BIOTECH BREAKTHROUGH

Partners Lilly, Amylin and Alkermes are all eagerly await word from the FDA this fall on whether their once-weekly diabetes drug Bydureon will be approved.

What must you about the latest developments.

Find out from Alkermes CEO Richard Pops. Watch the video now!






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Trader disclosure: On June 28, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (INTC); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova owns (IPSU), (BX), (AGU), (PFE), (TER), (GMCR), (RSX), (TER), (AXP), (KO), (KR), (COST), (AMZN), (TEVA), (BMO), (DIS), (XCO), (SWN), (GMCR), (IPI), (SU), (XOM), (RDS.A), (COP), (OXY), (V), (FXB): Terranova owns (GLD) July 120 puts; Kelly owns (BP) puts; Kelly owns (FCX) puts; Kelly owns (GLD); Kelly owns (GDXJ); Kelly is short (GS); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (MU) call spreads; Jon Najarian owns (SNDK) call spreads; Jon Najarian owns a seat and stock in (CME); Jon Najarian owns a seat and stock in (CBOE); Jon Najarian owns a seat and stock in (NYX)

For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (AMKR)
Virtus Investment Partners owns more than 1% of (IGE)
Virtus Investment Partners owns more than 1% of (DBV)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLV)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (DRYS)

For Brian Kelly
Accounts managed by Kanundrum Capital own (AUY)
Accounts managed by Kanundrum Capital own (GFI)
Accounts managed by Kanundrum Capital own (GDX)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own Gold
Accounts managed by Kanundrum Capital own Treasuries

Accounts managed by Kanundrum Capital own US Dollars
Accounts managed by Kanundrum Capital is short (AMZN)
Accounts managed by Kanundrum Capital is short (RCL)
Accounts managed by Kanundrum Capital is short (XLY)
Accounts managed by Kanundrum Capital is short (XLE)
Accounts managed by Kanundrum Capital is short (AFL)
Accounts managed by Kanundrum Capital is short (CME)
Accounts managed by Kanundrum Capital is short (EWI)
Accounts managed by Kanundrum Capital is short (EWO)
Accounts managed by Kanundrum Capital is short (GS)
Accounts managed by Kanundrum Capital is short (HIG)
Accounts managed by Kanundrum Capital is short (RKH)
Accounts managed by Kanundrum Capital is short (XLF)
Accounts managed by Kanundrum Capital is short (XLI)
Accounts managed by Kanundrum Capital is short (FCX
Accounts managed by Kanundrum Capital is short (GFI)
Accounts managed by Kanundrum Capital is short (JOYG)

Accounts managed by Kanundrum Capital is short (XLB)
Accounts managed by Kanundrum Capital is short (XLK)

Mike Khouw
Cantor Fitzgerald makes a market in (MON)
Cantor Fitzgerald makes a market in (FWLT)
Cantor Fitzgerald makes a market in (AAPL)

Cantor Fitzgerald makes a market in (RIMM)
Cantor Fitzgerald makes a market in (QCOM)
Cantor Fitzgerald makes a market in (STX)
Cantor Fitzgerald makes a market in (SNDK)
Cantor Fitzgerald makes a market in (MGM)
Cantor Fitzgerald makes a market in (WYNN)
Cantor Fitzgerald makes a market in (LVS)
Cantor Fitzgerald makes a market in (PFCB)

David Levy
Levy owns Treasuries

Toni Sacconaghi
Sacconaghi owns (PLMO)
Sacconaghi owns (STX)



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