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Despite Predictions, Apple Shares Sell-Off

Steve Jobs stepped back into the spotlight for the first time in at least 6 months on Wednesday and Apple shares fell.

Analysts had expected an appearance by Jobs to give Apple's stock a boost. The shares rose in the afternoon to $174.47, their highest since August 28, 2008. But they quickly retreated.

Worth A Thousand Words

Part of the decline may have something to do with Steve Jobs’ appearance.

Dressed in his trademark black turtleneck and jeans, Jobs, a pancreatic cancer survivor, looked gaunt as he took the stage. It was his first public appearance since he underwent a liver transplant.

"I now have the liver of a mid-20s person who died in a car crash and was generous enough to donate their organs. I wouldn't be here without such generosity," an emotional Jobs told the audience.

"Looking so frail-- I think people have come to grips that the torch is going to be passed, it's just a matter of when," says Dave Rovelli, of Canaccord Adams.

I thought Steve Jobs looked energetic when I sat down with him, reveals New York Times reporter David Pogue on Fast Money. Seeing Steve Jobs back on stage was just a big relief.

The New Stuff

Jobs started off by announcing a new version of Apple's popular online media store, iTunes, and updated software for the iPhone.

He then unveiled new iPod features and colors, including adding a video camera to the iPod nano, as well as price cuts for other models, ahead of the crucial holiday season.

There’s no question that all of this goes to show the power of Apple and we’re just seeing it perform in spades, muses CNBC’s Jim Goldman.

What’s the trade?

The trade on Apple was to cut down your position on the return of Steve Jobs, muses Joe Terranova. I think investors will be able to buy this stock around $160 within the next two weeks.

There was no gadget surprise at their event, adds Tim Seymour, and that was part of the disappointment. But I wouldn’t be a seller. Just because the excitement is slowing down doesn’t mean the stock can’t go to $190. And Apple also announced price cuts, he adds. I think that's long-term bullish.

What do you think? We want to know!



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Trader disclosure: On Sept. 9th, 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), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (WFT), (SU); Terranova Owns December Gold Futures; Terranova Is Short Dec. Copper Futures; Terranova Owns Oil Futures; Terranova Is Short (CCL); Terranova Works For (VRTS); Najarian Owns (AAPL) & Short (AAPL) Calls; Najarian Owns (BAC) & Short (BAC) Calls; Najarian Owns (C) Calls; Najarian Owns (INTC) & Short (INTC) Calls; Najarian Owns (DFS) Calls; Najarian Owns (FCX), Owns (FCX) Put, Is Short (FCX) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (JOYG) & Short (JOYG) Calls; Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (PALM) Calls; Najarian Owns (TEVA); Najarian Owns (V) & Short (V) Calls; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Calls; Seymour Owns (AAPL), (BAC), (DIS), (EEM), (FXI), (RIG); Seymour's Firm is Short (GFI)

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