Once Again, Apple Speculation Sweeps Street

Tech investors can hardly contain themselves over the latest market rumors. And once again, they involve Apple .

The latest swirl suggests that Apple has entered into negotiations with Verizon to offer a new type of iPhone, explains CNBC’s Jim Goldman in his blog Tech Talk.

What makes the rumor so irresistible is that AT&T is often considered a stumbling block to iPhone's success. You may even be among the customers who opted for a different smartphone simply because it's compatible with Verizon, a network that is, by many accounts, much more reliable.

If the rumors are true, as soon as this summer you might be able to get the cutting edge style of Apple and the dependable network of Verizon all wrapped into one. The device, which BusinessWeek called a "media pad" would play music, videos and displays digital photos.

Where does this leave Apple's rivals. Evidently scrambling to make a move. Late Tuesday the Wall Street Journal reported that Microsoft is now talking to Verizon about partnering on their new phone. The Journal says, "The two companies are looking for a response to the iPhone, which has boosted the fortunes of their rivals."

Yes, we know all the reports are unconfirmed, and we know that stories like these often take on a life of their own, especially if they involve Apple. But we also remind ourselves that where there’s smoke, often times there’s fire.

What’s the trade?

Verizon earnings grew 5% in the first quarter, boosted by strong demand for for its wireless, Internet and TV services. I’m impressed by those numbers, says Guy Adami. I think you can get long.

Or forget the whole drama and look at Qualcomm, counsels Tim Seymour. They’re highly exposed to emerging markets which I find much more attractive.

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Trader disclosure: On Apr. 28th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (AXP), (RIG), (UNH), (TBT); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (C) Preferred; Finerman's Firm Owns(MSFT) & (MSFT) Put Spread; Finerman’s Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Najarian Owns (BX) Call Spread; Najarian Owns (BP); Najarian Owns (DNDN) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (MS); Najarian Owns (PALM); Najarian Owns (RHT) Calls; Najarian Owns (RIO) Calls; Najarian Owns (XHB) Cal Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (ORCL) Call Spread; Seymour Owns ( AAPL), (BAC), (EEM), (FXI), (PBR); Seymour Is Short (X)