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Apple Could Steal The Spotlight, Again

Excitement is brewing that once again Apple has something big planned for its developer’s conference. And it could send the stock soaring.

Whispers are sweeping the street that Apple will announce CEO Steve Jobs is returning to his post – possibly as soon as the end of the month which is exactly as scheduled.

Jobs, 54, had said his medical leave would run until the end of June when he initially announced plans to step aside. And throughout his absence company representatives have said repeatedly that he remained involved in strategic decisions and would return as scheduled.

However, some analysts feared the comments were more smoke and mirrors than anything else. They speculated that Jobs, a survivor of pancreatic cancer, might not return at all.

Remember, Jobs was treated for a rare type of pancreatic cancer in 2004. He appeared gaunt at an Apple event last June and in January said he would take a leave of absence because his health problems were "more complex" than originally thought.

However all that speculation about Apple’s future without Steve Jobs may have been much ado about nothing if he does return as scheduled.

And that could send the stock moving. Since Jobs returned to the head job in 1997, Apple has flourished rolling out the iPod and iPhone and some of the world’s most popular computer gadgets.

How should you be trading?

I think you have to ask yourself how much more room Apple has on the upside, says Guy Adami. To me the time to get in was the dip when Jobs left. Now the reverse is true. It’s probably time to get out.

I agree, echoes Joe Terranova. That’s not to say the stock doesn’t ultimately go higher but right now the stock looks ripe for a pullback.

I would not take money off the table, counters Broadpoint Amtech analyst Brian Marshall. I think if Steve Jobs comes it’s only better for the company.

We’ll be watching.

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Trader disclosure: On June 5th, 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), (C), (GS), (MSFT), (NUE), (BTU); Finerman's Firm Owns (PBR), (PM), (TBT); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (XRT); Finerman's Firm And Finerman Own (BAC) Preferred Shares And Are Short (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm And Finerman Own (FLS); Finerman's Firm Owns (MSFT), (RSH), (FLIR), (CSCO), (NOK); Seymour Owns (AAPL), (BAC), (F); Terranova Owns (TER), (ABT), (XBI);

Terranova Owns (BTU) And Is Short (BTU) Calls; Terranova Owns (RIMM) And Is Short (RIMM) Calls; Terranova Owns (GENZ) And Is Short (GENZ) Calls ; Terranova Owns (X) And Is Short (X) Calls; Terranova Owns (MS) And Is Short (M)S Calls; Terranova Owns (JPM) And Is Short (JPM) Calls; Terranova Owns (POT) And Is Short (POT) Calls; Terranova Owns (BRCM) And Is Short (BRCM) Calls; Terranova Owns (HES) And Is Short (HES) Calls ; Terranova Owns (IBM) And Is Short (IBM) Calls; Terranova Is Short (XOM) Call Spreads ; Terranova Owns (DIS) Call Spreads; Terranova Is Short (FCX) And (FCX) Puts

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Virtus Investment Partners Owns More Than 1% Of (ABD), (CAL), (CLB), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights