Fast Money 360: Apple

With shares of Apple stuck in a range over the past 3 months, how should you trade this stock into – and in the wake of – earnings, Wednesday.

Seems like a good time for Fast Money 360.

Find out what fundamentals, technicals and insights from the options world all suggest lie ahead for this stock.

FUNDAMENTALS

Like so many Street analysts, Gleacher's Brian Marshall is bullish.

“I think Apple remains the best technology company on the planet. And I think the stock is extremely attractive here at around $330,” he says.

Yes, he’s aware of Street chatter that suggests component parts for the iPhone may be in short supply (and therefore could delay the product introduction) – but he doesn’t make much of it.

He says, “I think there is no reason to believe that the iPhone will not be launched in the summer time frame. Apple does set pretty stringent annual refresh cycles and I don’t expect them to veer off that path anytime soon.”

”Our current target is $400. And we think Apple represents tremendous value over the long-term,” he adds.

CHARTS

Oppenheimer chief market technician Carter Worth is also bullish.

Looking at patterns in the Apple chart, he explains the trend appears to be positive.

“The stock has sold-off over several weeks. It is now at a level of support at the 150 day moving average. We think it will find support and rebound on its earnings announcement.”

“We are buyers of Apple here going into earnings,” Worth concludes.

OPTIONS

Mike Khouw of Cantor Fitzgerald tells the desk that options investors are not enthusiastic about Apple – at least not right now.

“Some institutions are starting to lighten their positions here and I have a hard time imagining that earnings are going to be a catalyst to change their view,” he says.

So without an exciting product on their plate and with the market baking in what is going to happen, I think the options markets are telling us we are better off leaning to the short side,” concludes Khouw.

OTHER INSIGHTS

Trader Karen Finerman sides with the bulls, largely due to the potential of Apple’s new iPad tablet. “It’s still in the very early stages of its life cycle. We haven’t really seen the iPad get going,” she says.

When asked if she would buy the stock on that thesis, she replies,” Even here I like it.”



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Trader disclosure: On April 12, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell owns (AAPL); Karabell owns (BIDU); Karabell owns (GOOG); Karabell owns (MRVL); Karabell owns (SINA); Finerman and Finerman's Firm own (AAPL); Finerman and Finerman's Firm own (BP); Finerman owns (C); Finerman and Finerman's Firm own (CVS); Finerman's Firm owns (HPQ); Finerman's Firm is short (IBM) calls; Finerman's Firm owns (JPM), is long (JPM) leaps; Finerman owns (JPM); Finerman and Finerman's firm owns (MSFT); Finerman's firm owns (TGT); Finerman owns (UNG); Finreman owns (USO); Finerman's Firm is short (IWM), (MDY), (SPY); Finerman's Firm is long S&P 500 puts; Finermna's Firm is long Russell 200 Puts; Terranova Owns (VRTS); Terranova Owns (JPM); Terranova Owns (V); Terranova Owns (BX); Terranova Owns (UPL); Terranova Owns (HOC); Terranova Owns (TCK); Terranova Owns (BAX); Terranova Owns (OXY); Terranova Owns (XOM); Terranova Owns (AKAM);

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