'Fast Money' Recap: Apple Continues to Roll

The markets finished flat Monday after a volatile trading session.

The Dow Jones Industrial Average added 1.36%, or 0.02%, to 8,764.49, while the S&P 500 was down 0.95, or 0.10%, to 939.14. The Nasdaq was off 7.02, or 0.38%, to 1,842.40.

The business story that garned most of the attention of the trading panel on CNBC's "Fast Money" TV show was Apple (AAPL Quote), which generated a lot of buzz off its developers conference today.

Jim Goldman, who was at the conference, said the stock reversed much of its red ink for the day after it came out with a flurry of announcements, including a new iPhone 3GS model that will retail for $199 for the 16G model and $299 for the 32G model.

He said the big news of the day was the lowering of the price of the existing iPhone to $99. He said the company also announced refreshments to its laptop line and provided details on its Leopard operating system that comes out in Sepetember.

Pete Najarian called Apple's upside "incredible," adding the $99 move will increase demand by 100%.

Guy Adami said the trade on Palm(PALM Quote) is over after the weekend announcement of its Pre smartphone. He said he doesn't know where the trade goes from here.

Najarian said Palm has a phenomenal phone but doesn't have enough to distribute. He said it still has a long way to go to compete against Apple's iPhone, and he considers Research In Motion (RIMM Quote) the preeminent name in the space because of its business email.