It appears possible to profit from Apple's success without having to fork over more than $250 per share — just consider SanDisk , whose products are inside the popular iPad.
Shares of the Milpitas, Calif.-based company scored a new 52-week high Wednesday with levels not seen since October 2007. The semiconductor produces flash data storage devices — think memory chips for various electronic products, including the iPad.
What's the Trade?
I like what SanDisk has done, says Jon Najarian of optionMONSTER.com. He praised its flash memory products.
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CALL TO THE FLOOR: CALLAWAY GOLF'S SALES IN THE ROUGH
Off by 9%, it seems Callaway Golf is among a group of companies hurt by weak consumer spending.
This is a consumer-driven market, where the consumer is being very picky about what they buy, says Patty Edwards of Storehouse Partners.
The golf outfitter gave worse-than-anticipated second-quarter guidance after releasing its quarterly results earlier this week. Its full-year results could be worse, Callaway said. In a live interview on the Fast Money Halftime Report, CEO George Fellows said poor weather also spoiled sales.
Nevertheless, the sporting goods company has introduced four new drivers this year and its FT Tour driver won seven PGA Tour events in 2010.
Watch the full conversation with Fellows here.
What's the Trade?
Edwards says stick with what consumers continue to buy. She prefers Apple right now.
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CALL THE CLOSE
Brian Kelly of Kanundrum Capital says "take profits here."
Jon Najarian of optionMONSTER.com also recommends taking profits off the table.
Joe Terranova of Virtus Investment Partners will stay long with quality names.
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Trader disclosure: On June 16, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (IPSU), (BX), (PFE), (UDN), (GMCR), (RSX), (TER), (AXP), (BMO), (BBY), (DIS), (XCO), (SWN), (AAPL), (IPI), (SU), (V), (TEVA), (FXE), (FXB), (XOM), (COP), (OXY); Terranova owns (RDS.A); Terranova owns S&P Futures; Terranova owns UK Pounds; Terranova is short the US Dollar; Jon Najarian owns (RIG) and short (RIG) calls; Jon Najarian owns (NE) and short (NE) calls; Jon Najarian owns (WMT) and short (WMT) calls; Jon Najarian owns (JPM) and short (JPM) calls; Jon Najarian owns (GS) and short (GS) calls; Jon Najarian owns (BAC) and short (BAC) calls; Jon Najarian owns (WFC) and short (WFC) calls; Jon Najarian owns (USB) and short (USB) calls; Kelly is short (GS); Kelly owns (BP) puts; Kelly owns (GLD); Kelly owns (GDXJ)
For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (AMKR)
Virtus Investment Partners owns more than 1% of (IGE)
Virtus Investment Partners owns more than 1% of (DBV)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLV)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (DRYS)
For Patty Edwards:
Edwards owns (XOM) for clients
Edwards owns (CVX) for clients
Edwards owns (COP) for clients
Edwards owns (RIG) for clients
Edwards owns (NE) for clients
Edwards owns (SLB) for clients
Edwards owns (HAL) for clients
Edwards owns (WFT) for clients
Edwards owns (DO) for clients
Edwards owns (HD) for clients
Edwards owns (NOK) for clients
Edwards owns (BJ) for clients
Edwards owns (WMT) for clients
Edwards owns (COST) for clients
Edwards owns (JPM) for clients
Edwards owns (C) for clients
Edwards owns (BAC) for clients
Edwards owns (WFC) for clients
Edwards owns (STI) for clients
Edwards owns (PNC) for clients
Edwards owns (CVX) for clients
Edwards owns the S&P 500 for clients
Edwards owns (QQQQ) for clients
Edwards owns the Russell 2000 for clients
Edwards owns (VXX) for clients
Edwards owns silver for clients
CNBC.com with wires
