Apple is expected to launch its second generation iPad on Wednesday and Wall Street is wondering if CEO Steve Jobs, who's taken extended leave from the company for health reasons, will still host the event.
Any move in Apple's stock is largely dependent on whether Jobs is present at the iPad event, said options trader Jon Najarian. Should Jobs attend the event, Najarian thinks its stock will pop. If Jobs doesn't make an appearance, Najarian thinks AAPL could sell off after the product enters the market.
On the trading floor, Najarian said there is a lot of talk about whether Jobs will make the event. Joe Terranova, chief market strategist at Virtus Investment Partners, is hearing the same rumor. Both aren't sure if Jobs will attend the event.
Terranova, however, said that the second generation iPad must be an epochal improvement over the first generation device for users to upgrade. Apple isn't confirming anything, but some speculate it may offer the iPad in different colors, with a rear-facing camera or with a sleeker design.
"It's got to be something significant," Terranova said. "This year, Apple faces much more competition to the iPad than it did last year."
Steve Cortes, founder of Veracruz, would avoid Apple shares all together. For exposure to the technology space, Cortes recommends Qualcomm . He thinks it's trading "much better" than Apple's stock.
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Trader disclosure: On Mar. 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova owns (VRTS), (C), (UPL), (ABT), (MS), (PBR), (BAX), (TEVA), (CVI), (RSX), (SU) and (CNQ). Steve Cortes is short (LVS). Steve Cortes is short (DBA) vs. S&P long. Steve Cortes is short (C). Cortes owns (PM). Steve Cortes owns (SDY). Steve Cortes owns (EXC). Steve Cortes is long Crude. Steve Cortes is short Wheat. Steve Cortes is short (UNP). Patty Edwards owns (SPY), (XLB), (GLD), (SLV), (BA), (AMZN), (TTM), (V), (JNJ), (AAPL), (VZ), (MSFT), (C), (GE), (TGT), (CME), (PM), (AZO) and (FXI). Jon Najarian owns (ATPG), is short (ATPG) calls. Jon Najarian owns (CBOE), is short (CBOE) calls. Jon Najarian owns (CEG), is short (CEG) calls. Jon Najarian owns (DNDN), is short (DNDN) calls. Jon Najarian owns (FRO), is short (FRO) calls. Jon Najarian owns (CME), is short (CME) calls. Jon Najarian owns (NYX), is short (NYX) calls. Jon Najarian owns (NBR), is short (NBR) calls. Jon Najarian owns (PAAS), is short (PAAS) calls. Jon Najarian owns (M), is short (M) calls. Jon Najarian owns (YOKU), is short (YOKU) calls. Jon Najarian owns (GLD), is short (GLD) calls. Jon Najarian owns (SLV), is short (SLV) calls. Jon Najarian owns (V), is short (V) calls. Jon Najarian owns (FCX) PUTS.
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JOE TERRANOVA
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 (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 (NCRI)
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 (DOM)
STEVE EAST
East has no disclosures
CNBC.com with wires.
