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No.1 - iPhone Hits Stores In 3 Weeks

Ads are trumpeting a June 29th release of Apple’s highly anticipated iPhone. What’s the trade, as the calendar rapidly races toward Steve Jobs’ moment of truth?

CNBC’s Mary Thompson is covering the release of the iPhone and joins the guys for this conversation.

She says Apple disclosed the price if the iPhone which will be $499 - $599 as well as the launch date of June 29th.



Eric Bolling says this will be a once-in-a-lifetime product that will truly change the industry and he still recommends buying Apple. He adds the iPhone does not compete with the BlackBerry(RIMM) and he says sell Palm (PALM).

Pete Najarian says he loves the iPhone and thinks everyone will want to have it. And he, too, thinks Apple is a buy.

Guy Adami says the day AAPL trades 150 million shares over a 2 day period will be the day to get out. Unitl then stay long, he says.

Jeff Macke thinks there’s downside in AAPL because the iPhone is over-hyped and Jeff doesn’t think there will be enough units in stock to meet demand.

Do you think the iPhone will live up to the hype? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap!

Prefer to keep it between us? You can still send questions and comments to fastmoney@cnbc.com.

Trader disclosure: On June 1, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (AAPL), (DNDN), (HOT), (MAR), (ONXX); Bolling Owns (ICE), (DIS), (T), (NMX), Sugar, Natural Gas Futures, Bolling Has Closed Out Of His Coffee Trade: CNBC Is A Service Of NBC Universal And Dow Jones