In a volatile market like this, when a pro trader reveals a favorite stock our ears perk up.
And on Thursday Fast trader Stephen Weiss of Short Hills Capital told us that Qualcomm was at the top of his list
”This my favorite stock,” he said with conviction.
Weiss likes the stock because he sees a massive revenue stream coming from “something called CDMS technology, an advanced mobile technology.”
That means any time a company uses the technology they pay Qualcomm a royalty.
And Weiss thinks those royalties are going to get bigger – a lot bigger largely becayse, “they’re ramping up a partnership with Apple getting their chips into the iPad and iPhone,” two of the most popular products in the world.
Trader Zach Karabell is also bullish. Although the stock could pullback short term, longer term he also expects to see it march higher
Meanwhile trader Brian Kelly is watching the action in rival chipmakers Intel and ARM Holdings after BMO capital downgraded the former and upgraded the latter, with analysts suggesting that Apple is standardizing their products around ARM technology.
“I love ARM. That seems like the technology that the industry is moving to," says Kelly. ”And if you’re long Intel, he adds, “I’d use the dividend to buy a protective put.”
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Trader disclosure: On Nov 2, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss owns QCOM; Weiss owns EVO; Cortes is long Treasuries; Cortes is short DB; Cortes is short BAC; Cortes is short AAPL; Cortes is short GOLD; Cortes is short SILVER; Cortes is short EURO; Cortes is short CAD
For Abigail Doolittle
For Colin Gillis
No part of any of the research analyst's compensation was, is, or will be, directly or indirectly related to the specific (AAPL) recommendations or views expressed by the research analyst in this report.
Investment banking (next 3 months): BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from all of the companies referenced within this report.
Lead or Co-manager: BGC Financial LP and/or its affiliates, has not acted as lead or co-manager in a public offering of equity and/or debt securities for Apple within the last 12 months. BGC Financial LP and/or its affiliates has not received compensation for investment banking services in the last 12 months from Apple.
For Dennis Gartman
Gartman is long Gold in Euro & British Pound
CNBC.com with wires.