Ahead of Apple's announcement, where CEO Steve Jobs would later reveal a smaller, cheaper version of its Apple TV device and new line of iPods, the "Fast Money" traders had a handful of related plays on the technology giant.
With the latest version of Apple TV, Jobs is simply trying to get into your living room, said Jon Najarian of optionMONSTER.com. But Jobs isn't the only one, he added.
"They all realize the value of making that television experience better than just sitting there and clicking through the 500 channels with nothing on," said Najarian. "The fact that they can stream movies and music and all the rest through the cloud—not through downloading it—that's where the future is for television."
Najarian recommends playing Netflix , Amazon.com and Google . He also likes Corning, which makes glass for LCD and plasma monitors, as well as a scratch resistant glass for touch-screen devices. He noted that the New York State-based company is trading at near 52-week lows.
Steve Cortes, founder of Veracruz, likes Walt Disney right now. Being on the verge of football season, Cortes thinks its ESPN network will do well. He noted that it's not purely an Apple play, but benefits from the company.
Apple is reportedly a large client of semiconductor Cirrus Logic , which is said to supply the tech giant audio chips for its iPod and iPhone devices, reports CNBC's Simon Hobbs.
Speaking on Wednesday's "Fast Money Halftime Report," CEO Jason Rhode said the company sees long-term growth in the energy space, specifically LED lighting and the power grid. This is where the next generation of profits will come from because there is not only high demand for energy efficiency, but building cities out for smart grids takes a considerable amount of time.
Tech stocks, particularily the semiconductors, had a tough time this past quarter, but Rhode wouldn't share much about margins. He said the company's long-term targets were 55 percent. It is the balance between revenue growth and operating profit that will deliver value, but Rhode said he doesn't see "any end in sight to the markets that will be supportive of that 55 percent value."
With a flurry of mergers and acquisition activity having recently occured in the tech space, Hobbs asked Rhode if his company expects to be bought one-day.
"I don't know why we would seek to do so," replied Rhode. "I think what companies that are really trying to control their own destiny need is simply leverage. Whether they own the entity that they're worried about or whether they simply have enough leverage and I think a lot of the large consumer companies that you're talking about have all the leverage they need."
Watch the video to see the full interview with Rhode.
What's the Trade?
Jon Najarian, co-founder of optionMONSTER.com, is long CRUS. Najarian saw take-over activity in this stock a few days ago with upside calls being purchased "very aggressively." He likes the story and thinks they're at another discount to the earnings they just reported. Hold onto the stock until they report earnings in November, he said.
ASSET ALLOCATION: 10-YEAR TREASURIES TUMBLE
There was speculation in the market Wednesday that a major player may have moved a big position out of bonds and into equities, which had many bears hurrying to cover their shorts.
Brian Kelly of Kanundrum Capital, the resident bear on "Fast Money," is not covering his shorts. He heard the rumor, but said he still thinks market could go lower and wouldn't want to buy stocks now.
CALL THE CLOSE
"I'm selling rips and buying dips," said Jon Najarian, co-founder of optionMONSTER.com. "Today, I'm selling."
Brian Kelly, founder of Kanundrum Capital, would look at "deal names" surrounding recent M&A activity.
Jared Levy, senior derivatives specialist at PEAK6, recommends using the rally to sell covered calls and watch Agrium to the upside.
Steve Cortes, founder of Veracruz, is long Freeport-McMoRan Copper & Gold and wants to buy more.
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Trader disclosure: On September 1, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Cortes is long Crude Oil; Cortes is long (FCX); Cortes is long (BHP); Cortes is long (SFD); Cortes is long (BMO); Cortes is long (TD); Cortes is long the Euro
For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own (XBI)
Accounts managed by Kanundrum Capital own U.S. Dollars
Accounts managed by Kanundrum Capital own (POT)
Accounts managed by Kanundrum Capital own (TBT)
Accounts managed by Kanundrum Capital own (RAX)
Accounts managed by Kanundrum Capital own (SGG)
Accounts managed by Kanundrum Capital is short (XLF)
Accounts managed by Kanundrum Capital is short (IAI)
Accounts managed by Kanundrum Capital is short (MCO)
Accounts managed by Kanundrum Capital is short the Mexican Peso
For Mike Abramsky:
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RBC Capital Markets or one of its affiliates provided non-securities services to (AAPL)
RBC Capital Markets is currently providing (AAPL) with non-investment banking securities-related services.
RBC Capital Markets has provided (AAPL) with non-investment banking securities-related services in the past 12 months.
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CNBC.com with wires.