Prop Desk: Intel's Big Break

A new partnership could potentially give Intel a big advantage in the mobile market.

On Tuesday, the chip maker announced it’s working with Nokia on a new class of mobile computing devices, but would not say when they would come to market or give details on the kind of wireless products they hoped to develop together.

Under the agreement, Intel will buy intellectual property from Nokia related to high-speed wireless technology. The two companies also said they plan to collaborate on open-source mobile Linux software projects.

For Intel, analysts say the deal gives them a chance to take on leading cellphone chip makers such as Qualcomm , and Texas Instruments.

And in return, the pact may help Nokia better compete with smartphone rivals Apple, Research In Motion and Palm.

What’s the trade?

I like Nokia very much, says Karen Finerman. In fact I'm long. But I’m in this stock for valuations which I find very attractive.

I’m bullish Intel, counters Tim Seymour. It seems like this agreement is a smart one.

And as a result of this deal, it might be time to get out of Texas Instruments, suggests Joe Terranova.

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Trader disclosure: On June 23rd, 2009, 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 (INTC) & Is Short (INTC) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (ORCL) Call Spread; Najarian Owns (YHOO) Call Spread; Terranova Owns (TER), (XBI), (BTU), (MSFT), (HES), (RIMM), (BTU), (MS); Terranova Is Short (GENZ) Call Spreads; Terranova Owns (GENZ) And Is Short (GENZ) Calls; Terranova Owns (DIS) Call Spreads; Terranova Is Short (XOM) Call Spreads; Finerman Owns (TBT); Finerman's Firm Owns (MSFT), (PBR), (RIG), (NOK), (TBT), (YUM), (WMT); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Is Short (BAC), (IJR), (MDY), (IWM), (SPY), (USO),(CAKE); Seymour Owns (BAC), (AAPL), (EEM), (FXI), (NOK), (PWRD)

Cortes is short (KBE)