'Fast Money' Recap: The Apple Trade (Updated)

NEW YORK (TheStreet) -- The markets advanced on Wednesday on the strength of tech and financials.

The Dow Jones Industrial Average rose 49.88, or 0.53%, to 9547.22, and the S&P 500 added 7.98, or 0.78%, to 1033.37. The Nasdaq was up 22.62, or 1.11%, to 2060.39.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, zeroed in on Texas Instruments(TXN Quote) which was moving higher in afterhours trading.

Guy Adami said the company, whose stock has had a big run, is a "nice turnaround story" and has "done some good things." Texas Instruments raised its earnings and revenue guidance.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Pete Najarian applied a broader brush on the chip sector, saying that companies like Intel (INTC Quote), Juniper Networks(JNPR Quote) and Ciena(CIEN Quote) have come a long way since July.

Adami expressed concerns about IBM(IBM Quote), which was down today and hasn't been able to break through $120.

Apple(AAPL Quote) closed at $171.14, down 1.04%, on a day when Steve Jobs appeared at a new products show in San Francisco and there was a rash of company announcements.

Terranova said the decline was to be expected. He said the trade all along was to reduce the long exposure to the stock after Jobs appeared on stage. Other panelists discounted Jobs as a "surprise" factor. Tim Seymour said Apple didn't put enough video and cameras into the iPhones and the company is starting to see some cannibalization between products such as the iPhone and iPods.