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At $610 What Do You Do with Apple?

Wednesday, 25 Apr 2012 | 2:55 PM ET

Once again, it seems all the Fast Money traders can talk about is Apple. After the spike higher in the wake of Apple's stellar earnings report, how should you trade this stock?

“I’d take profits,” says Fast Money trader Guy Adami. “If you’re establishing a new position now, as a trade, you’re late.”

Jon Najarian says much the same. He believes the stock will trade in a range – at least for the time being. “The trade is buy below $578 and sell above $610,” he says.

But don't take the commentary to mean the traders think it's time to short Apple - that's not what they're saying.

“The stock is in no man’s land right now. I wouldn’t touch it,” adds Steve Cortes. "Sure it’s higher than it was 1 week ago but it’s lower than where it was 2 weeks ago.”

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And if the latest results from Apple have you thinking about second derivative trades, Cortes says, that’s not the way to play. “Typically Apple does not pull its vendors up, too.”

Trader Joe Terranova feels differently. “70% of revenues at Cirrus Logic are generated by Apple,” he says. “They report earnings Wednesday after the bell. I’m a buyer.”

Analysts: 'Neutral' on Apple & 'Buy' on Caterpillar
Apple now accounts for 36% of all profit growth for the S&P 500 this quarter, but Walter Piecyk, BTIG Research analyst explains why he downgraded the company ahead of its earnings. Stephen Volkmann, Jefferies analyst, also discusses his 'buy' rating on Caterpillar.






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Trader disclosure: On Apr 25, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in INTC; Jon Najarian is long call spreads in IBM; Jon Najarian is long call spreads in ANF; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in CRUS; Jon Najarian is long call spreads in BRCM; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long CGIX; Jon Najarian is long DDMG; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long JNPR; Joe Terranova is long NXPI; Joe Terranova is long JPM; Joe Terranova is long JOY; Joe Terranova is long HPQ; Joe Terranova is long LQD; Steve Cortes is long MO; Steve Cortes is long RGR; Steve Cortes is long DEO; Steve Cortes is long PFE; Steve Cortes is long ZSL; Steve Cortes is long SO; Steve Cortes is long PPH; Steve Cortes is short XHB; Steve Cortes is short AAPL

For Stephen Volkmann
Stephen Volkmann, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

For Jim Iuorio
Jim Iuorio is long TBT

For Walter Piecyk
Nothing to disclose

For Dennis Gartman
Dennis Gartman is long GOLD


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