Apple stock rose 3 percent after the company beat Wall Street expectations on both the top and bottom line, while shares of Under Armour tumbled 23 percent following an earnings report Monday, that missed analyst projections.
Trader Brian Kelly said he believes in Under Armour's CEO Kevin Plank. Kelly said Plank is in the "Hall of Fame" of company leaders but the athleisure trend may be over and the company needs time to reassess the situation and reposition itself for the trend's decline.
Trader Tim Seymour said the sportswear company needs to spread its focus into other parts of the business and pointed out that five executives have left in the last few months so Plank's leadership is questionable.
For Apple, Trader Guy Adami said he is not surprised about the company's move higher after earnings. He said the stock could be recognized by the White House with the president possibly saying that it's a great American company performing well and bringing jobs back.
Trader Brian Kelly said this would be a buying opportunity because the stock would continue to move higher. Apple shares are up nearly 5 percent in the last month.