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Mystery Apple Event; Secrets Revealed!

Wednesday, 25 Aug 2010 | 5:54 PM ET

The Nasdaq closed sharply higher on Wednesday with Apple leading gains ahead of a mystery event.

As Apple has done in the past, on September 1st the tech titan will once again stage an event for members of the press.

Apple e-mailed the invitation Wednesday; it contained a photograph of a guitar and the time, date and location of the event. As usual, the company didn't reveal anything specific about upcoming products.

But Fast Money wants to keep you ahead of the pack so for insights we turned to one of the most widely followed Apple analysts on the Street - Piper Jaffary's Gene Munster.

Here's what he's hearing:

Word on the Street
The Fast Money traders take a look at today's top business stories.

- Expect a new and improved iPod Touch. It could have a high-resolution display like the iPhone 4 as well as dual cameras.

- Apple will likely come out with an iTune cloud initiatives and more web based products. (Apple may be preparing a service that lets people stream music over the Internet, without needing to first download songs over slower wireless connections.

- On the TV front, Appleshould say they're in talks with television networks in the hope of creating a service that would allow iTunes users to rent their favorite television programs for just $0.99 per episode.

The mystery event will kick off 10 a.m. at San Francisco’s Yerba Buena Center for the Arts theater, where Apple has traditionally held its annual myseter event for several years. You can count on Fast Money to bring your all the details.

What’s the trade?

I’m a buyer of Apple ahead of the event, explains Gene Munster of Piper Jaffray on Fast Money. There are times to be more optimistic on Apple and times to be less optimistic. I think there are more reasons to be optimistic on this stock right now. Not only does the stock typically gain 12% in the month of September, we’re going into the holiday season.

I think Apple is stuck in a range between $230 - $260, says Tim Seymour. Ontop of that I think the consumer is challenged. That’s how I’d trade it.

But even if the consumer is pinched people still reach for Apple during the holiday season, counters Steve Cortes.

I’d play it downstream with long positions in F5 , Riverbed or Akamai, says Pete Najarian.

*Gene Munster is one of the most widely followed analysts who covers Apple. To find out what else he he has to say about the tech titan watch the video above. You can find the conversation at about 5 minutes into the clip.



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Trader disclosure: On Aug 25, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (BM), (GOOG), (MSFT), (QCOM), (TER), (BRCM), (AXP), (C), (MRVL), (BMO), (V), (POT), (GLD), (FCX), (APA), (SU), (XBI); Cortes Owns (FCX), (SFD), (BHP), (TD), (BMO);Cortes Is Short Yen; Cortes Owns Crude Oil; Najarian Owns (HPQ) Calls; Najarian Owns (CELG); Najarian Owns (TCK); Najarian Owns (CNI); Najarian Owns (TEVA); Najarian Owns (V) Calls; Najarian Owns (STX) Calls; Najarian Owns (WDC) Calls; Najarian Owns (MU) Calls

For Joe Terranova
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Funds managed by Gartman own Gold
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Moshe Orenbuch
(C), (JPM), (BAC) , (WFC), (PNC), (USB) Is Or In Past 12 Months Was A Client Of Credit Suisse
Credit Suisse Provided Investment Banking Services To (C), (JPM), (BAC), (WFC), (PNC), (USB) In Past 12 Months
Credit Suisse Provided Non-Investment Banking Services To (C), (JPM), (BAC), (WFC), (PNC), (USB) In Past 12 Months
Credit Suisse Has Managed Or Co-Managed Public Offering Of Securities For (C), (JPM), (BAC), (WFC) In Past 12 Months
Credit Suisse Has Recieved Investment Banking Compensation From (C), (JPM), (BAC), (WFC), (USB) In Past 12 Months
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For Gene Munster

(ACOM), (LOGM), (RLOC) have been investment banking clients of Piper Jaffray during the past 12 months.

Piper Jaffray expects to have (RLOC) as an investment banking client within the next three months.

Piper Jaffray received non-investment banking securities-related compensation (DRIV) during the past 12 months

Piper Jaffray makes a market AAPL, ACOM, AMZN, BIDU, DRIV, EBAY, FMCN, GOOG, GSIC, IACI, KONG, LOGM, MCHX, MELI, PRTS, RLOC, SINA, SOHU, VCLK, WWWW, YHOO


For Mike Khouw
***No Disclosures***

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