Fast Money

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Fast Money

No.1 - Fallen Idol

With iPhone mania in full effect, Apple's (AAPL) stock might seem like one-way ticket to heaven. On Monday shares traded at an all-time high. On Tuesday, however, shares moved in a more earth-bound direction, dropping over 6% after AT&T (T) reported disappointing activation numbers for the iPhone. Is the device less than divine?

Jeff Macke says the stock is long overdue for a pullback.

Eric Bolling says AAPL is up 45% year to date. He likes the stock long term.

Pete Najarian believes that the iPhone with 4G (gigabyte) memory is being returned at a rapid pace. He says only the 8G (gigabyte) iPhone is doing well. Pete feels the better trade is Nokia (NOK).

Guy Adami says if AAPL trades 100 million shares Wednesday he’s out. (If that happens, 150 million shares will have traded over a 2-day period and he’s often said that level of volume signals the top to him.)

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Trader disclosure: On July 24th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (JWN) Bolling Owns (BP), (T), (XOM), Gold, Silver, Copper, Platinum