At $700, What Do You Do With Apple?

In extended trade, shares of Apple touched an all-time high of $700.

Investors hit the buy button after Apple said it sold 2 million new iPhones on the first day that it took orders, more than double the previous record.

Bulls are betting that enthusiasm for Apple’s products drive growth all around the world.

(Read More: All-American Apple? iPhone 5’s Monster Lift for China)

However, there is a cause for concern. The iPhone accounts for about two-thirds of profit and with shares now at an all-time high, is it all priced in?

What do you do with Apple at $700?

Insights from the Fast Money traders

Pete Najarian says activity in the options market suggests the “stock could go a lot higher than $700.” Recent call buying suggests to Najarian the stock could “trade $750 in not too many sessions.”

Guy Adami adds every time the stock pulls back it’s been a ‘tremendous opportunity’. He suggests waiting for a pullback. But long-term he says there’s every reason to believe the stock continues higher.

Tim Seymour is also bullish; he cites Apple’s potential in Asia. “That alone could unleash more upside.” He goes on to say, “China Mobile has not yet unleashed a carrier that can support the iPhone. Imagine the opportunity.”

Trader Steve Grasso is the only voice of caution, but he's only modestly cautious. "The only concern I have is the law of large numbers," he says. In other words, as the largest company by market cap it becomes increasingly more difficult to move the needle.

Trader disclosure: On Sept. 17, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long JPM; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long PSX; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S;

For Brian Marshall
Neither ISI nor its affiliates beneficially own 1% or more of any class of common equity securities of the subject companies referenced in this Report. No person(s) responsible for preparing this report or a member of his/her household serve as an officer, director or advisory board member of any of the subject companies. Neither ISI nor its affiliates have any investment banking or market making operations. At various times these reports mention clients of ISI from whom ISI has received non-investment banking securities related compensation in the past 12 months.

Posted by CNBC's Lee Brodie

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