It seems tech bulls just can't contain their excitement about the latest earnigns from Apple.
Unless you live under a rock, by now you know that Apple , again, wowed the crowds with results that blew past even the Street's most optimistic expectations.
Sales of both iPads and iPhones were nothing short of amazing. The company sold 9.25 million iPads during the quarter, nearly triple the amount it sold a year earlier. IPhone sales more than doubled to 20.34 million.
How should you profit from Apple’s enormous strength?
Although many traders are looking at downstream plays (and we’ll get to that in a minute) the desk largely agrees that the best way to play Apple -- is long Apple.
However, if you want other ideas Brian Kelly suggests long Qualcomm , whose chips are in Apple prodcts as well as chip giant Intel , which is making inroads into the mobile market broadly. And, he also likes VMWare and EMC as bets that tablets such as the iPad, generate a greater demand for virtual storage.
Zach Karabell thinks Broadcom is interesting, largely because it’s underperformed its peers. “It’s a higher beta play,” he says.
Jon Najarian suggests American Tower, Crown Castle or TESSCO, plays on the back haul of data.
LOOK-AHEAD TO EBAY EARNINGS
The Fast traders will be among the legions of investors watching eBay results after the bell; looking to get a sense of how much the macro headwinds, like housing, are hurting consumers.
What must you know before eBay reports? Find out from Citi analyst Mark Mahaney. Watch the video now!