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Halftime—Analyst: Apple Could Sell 100M iPhones In 2011

On news that Apple is expected to unveil the second-generation iPad next week, an analyst on Wednesday said the technology giant could also sell 100 million iPhones in the next year.

Craig Berger, a senior semiconductor analyst at FBR Capital Markets, said his checks show Apple's first- and second-quarter iPhone production is "incredibly strong." He said forecasts are moving higher, too.

While Berger doesn't cover the Cupertino, Calif.-based company, he does keep tabs on component suppliers to Apple, like Qualcomm and Broadcom . Given the dips in the market, Berger said he is most bullish on Broadcomm below $40 a share, but only as a long-term play. He thinks it's a "phenominal" company and "clearly an industry leader."

Jon Najarian, an options trader and co-founder of optionMONSTER.com, agreed with Berger. He also likes other Apple derivative plays, like Skyworks Solutions and Toshiba.

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POPS & DROPS

Stocks continued to slide lower Wednesday, extending the previous day's sharp losses, as investors digested a handful of weak earnings and remained jittery over the political turmoil in Libya. The "Fast Money" traders found these market movers to be the most interesting, though.

Pops (stocks that rose)

KKR & Co. (KKR) popped 2%: The private equity firm reported its fourth-quarter net income rose nearly by 39 percent amid stronger investment returns and capital raising. Brian Kelly, founder of Kanundrum Capital, recommends taking profits right now.

Herbalife (HLF) popped 6%: The weight loss company and vitamin maker reported a strong quarter and boosted outlook, reports Trutina Financial's Patty Edwards. She thinks demand is strong and the stock will continue to climb.

Drops (stocks that fell)

Dollar Tree (DLTR) dropped 3%: The discount retailer beat earnings-per-share forecasts by 2 cents, but guided inline. Najarian would wait to be a buyer.

Netflix (NFLX) dropped 5%: Continuing its sell off after Amazon made its streaming services announcement yesterday and Needham downgraded the stock to ‘underperform’ from ‘hold.' Joe Terranova, chief market strategist at Virtus Investment Partners, recommends moving lower.

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CALL THE CLOSE

As the "Halftime Report" came to a close, the "Fast Money" traders guessed where they think the market could go, and how they plan to play it.

Kelly is a seller of the market.

"The energy, equity names are a classic case of buy high-sell higher," Terranova said.

Edwards likes energy names.

Najarian is looking at agriculture names, such as Mosaic .

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Trader disclosure: On Feb. 23, 2011, 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 (VRTS), (C), (UPL), (GM), (MS), (SLXP), (TEVA), (BAX), (CVI), (RSX), (SU), (CNQ) and (PBR). Jon Najarian owns (CHK), is short (CHK) calls. Jon Najarian owns (DTV), is short (DTV) calls. Jon Najarian owns (BP), is short (BP) calls. Jon Najarian owns (NBR), is short (NBR) calls. Jon Najarian owns (KWK), is short (KWK) calls. Jon Najarian owns (HPQ).

Comcast is the parent company of CNBC
Comcast is the parent company of NBCUniversal
GE owns 49% of NBCUniversal
GE owns 49% of CNBC

BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (IAU)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Are Long The Euro
Accounts Managed By Kanundrum Capital Are Long The British Pund
Accounts Managed By Kanundrum Capital Own (TLT)
Accounts Managed By Kanundrum Capital Are Long Oil Futures
Accounts Managed By Kanundrum Capital Own U.S. Bond Futures
Accounts Managed By Kanundrum Capital Own (PWE)
Accounts Managed By Kanundrum Capital Own (PGH)
Accounts Managed By Kanundrum Capital Own (EBAY)
Accounts Managed By Kanundrum Capital Own (DBA)
Accounts Managed By Kanundrum Capital Own (JJG)
Accounts Managed By Kanundrum Capital Are Long The U.S. Dollar
Accounts Managed By Kanundrum Capital Are Long The Australian Dollar
Accounts Managed By Kanundrum Capital Are Long S&P Futures

JOE TERRANOVA
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
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 (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DPUKF)

PATTY EDWARDS
Edwards owns (SPY) for clients
Edwards owns (XLB) for clients
Edwards owns (GLD) for clients
Edwards owns (SLV) for clients
Edwards owns (BA) for clients
Edwards owns (AMZN) for clients
Edwards owns (V) for clients
Edwards owns (JNJ) for clients
Edwards owns (AAPL) for clients
Edwards owns (VZ) for clients
Edwards owns (MSFT) for clients
Edwards owns (C) for clients
Edwards owns (GE) for clients
Edwards owns (TGT) for clients

CRAIG BERGER
FBRCM is a market maker and liquidity provider in (QCOM)
FBRCM is a market maker and liquidity provider in (BRCM)

PETER ZEIHAN
Zeihan has no disclosures

DENNIS GARTMAN SOT 2/22/2011
Funds managed by Dennis Gartman were long Wheat on 2/22/2011
Funds managed by Dennis Gartman were long Corn on 2/22/2011
Funds managed by Dennis Gartman were long Soybeans on 2/22/2011
Funds managed by Dennis Gartman were long Sugar on 2/22/2011

CNBC.com with wires.

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