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This Apple Derivative Goes to $35: Terranova

Following are moves you might have missed.

Find out what’s going up, what’s going down and whether our traders would double down, fade or run in the other direction!

Arena

The catalyst: Expectations are growing that the FDA approves Arena's weight loss drug called lorcaserin on June 27.

The play: The stock has already run 35% in the past two weeks, explains Jon Najarian, co-founder OptionMonster.com. If you're not already long, I'd only play it with call spreads.

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Groupon

The catalyst: Morgan Stanley raised Groupon to Overweight from Equal Weight, with an $18 price target, citing the company’s accelerating revenue growth in North America.

The catalyst: I’m not a big fan of social networking plays, says CNBC Contributor Ron Insana, I don’t understand them as investments.

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Cirrus

The catalyst: Although the catalyst was unclear, lately Cirrus has gained on optimism about Apple's new iTV and as a result, more orders for Cirrus chips, which are used in other Apple products.

The trade: I think the stock goes to $35, says Joe Terranova, chief market strategist for Virtus.

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Body Central

The catalyst:Body Central cut its second-quarter outlook, with the company needing heavy discounting to clear out inventory.

The trade: Insiders have been huge sellers of the stock, reveals Josh Brown, author of The Reformed Broker blog. It looks like a falling knife

Posted by CNBC's Lee Brodie

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Trader disclosure: On June 18, 2012, 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 is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long WMB; Joe Terranova is long SJM; Joe Terranova is long UPC; Joe Terranova is long WFM; Joe Terranova is long LPX; Joe Terranova is long SNDK; Joe Terranova is long IBM; Joe Terranova is long HYG; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is long CNX; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long NFLX CALL SPREADS; Jon Najarian is long INTC CALL SPREADS; Jon Najarian is long WNR CALL SPREADS; Jon Najarian is long WMT CALL SPREADS; Jon Najarian is long AMZN CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long MS CALL SPREADS; Jon Najarian is long DDMG; Jon Najarian is long CIGX; Jon Najarian is long CME; Jon Najarian is long CBOE; Josh Brown is long EBAY; Josh Brown is long COP

Ron Insana
Nothing to Disclose

For Mark Grant
Nothing to Disclose

For Tom Fitzpatrick
Nothing to Disclose

For Colin Gillis
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: MSFT
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 Microsoft 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 MSFT

For Sanjay Sakhrani
KBW expects to receive or intends to seek compensation for investment banking services from eBay in the next three months: EBAY

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