Professional traders appearing on Wednesday's "Fast Money" revealed their top trades in the smartphone ecosystem. What follows are their picks.
Guy Adami, managing director of stockMONSTER.com, likes Verizon Communications.
"The stock has been underperforming now for the last couple weeks, maybe in anticipation of this Vodafone deal," Adami said, referring how the mobile carrier agreed on Monday to pay $130 billion to buy Vodafone Group out of its U.S. wireless business, signing history's third largest corporate deal announcement to bring an end to an often tense 14-year marriage.
"I think it's a great deal for them and I think analysts are starting to figure that, as well," Adami said, adding the stock has sold off to a point that he thinks it's now buyable, especially since his price target for VZ is at $63 a share.
Adami acknowledged that Verizon trades at a bigger valuation than rival AT&T, but he thinks VZ has more value than T, too.
Karen Finerman, president of Metropolitan Capital Advisors, is long Apple and Google. RiskReversal.com's Dan Nathan backed her call on AAPL. If the tech company ever produces "wearable technology" or another game-changing product, he thinks its stock could pop by up to 30 percent. In turn, he recommends buying AAPL on dips.
Paul Hickey, co-founder of Bespoke Investment Group, wants to focus on companies supplying chips. He likes Skyworks Solutions, in particular, because it boasts Apple and Samsung as some of its biggest customers. Being as the stock recently broke resistance at around $25 a share, Hickey thinks traders could set a sell stop at $25 and play the stock up to the $30 level.
Nathan warned that with margins coming down, suppliers are getting squeezed. Options trader Mike Khouw argued those concerns are already baked into the component supplier stocks, though. Khouw added the suppliers are cheap compared to both historical valuations and today's market, so he'd consider buying shares of Qualcomm.
—Reuters contributed to this report.