Scaramucci said that right now Apple is only a value stock and the company seems to lack direction on the innovation side. He is slightly bearish on the stock until it proves otherwise.
Adami said Apple is a second-half story and that it has recently formed a nice double bottom. He added the stock has a lot of upside potential and little downside risk.
Dennis Gartman, publisher of
The Gartman Letter
said during his guest appearance that he liked gold at the beginning of July when it was around $1,250 per ounce. Now, with gold over $1,330 Monday, he's still a buyer.
However, he suggested the gold miners might actually be a better buy right now than gold, something he hasn't felt in about five years. But the miners have underperformed and have some catching up to do. He said he also expects stocks to move higher in response to the
Najarian said the miners have been beaten up so bad they are due for a bounce. He also added that some pay nice dividends that could entice buyers to come in. However, rather than buying gold, he'd be a buyer of silver, saying it typically moves more than gold but in the same direction.
Scaramucci agreed with Gartman and is also a buyer of gold. He mainly cited his expectations for the Fed to remain accommodative for the economy and that, as a result, gold should go higher.
Nathan wasn't buying what Gartman was selling. Particularly, he didn't agree with the notion that gold and equities would both continue to climb. He pointed to the sluggish top-line growth that is becoming a common theme so far through this earnings season.
The "Tomorrow's Top Trades" segment featured
United Parcel Service
Phillips 66 Partners
Najarian said UPS' upside is still intact, even after it lowered the current quarter and fiscal year estimates. He added the stock held its 100-day moving average well.
After high dividend-paying stocks felt the pressure from a rising interest rate, Nathan expects AT&T to be challenged going forward, already down 9% from its highs this year. The company reports earnings Tuesday after the close. Phillips 66 Partners is a master limited partnership and will begin trading Tuesday. Adami said he wouldn't chase it,but expects it will be near the high end of its range, near $21. He added that
has had a nice pullback and traders could use the $56.50 to $57 level as their stop loss.
For their final trades, Najarian is a buyer of
, which hit a 52-week high Monday. Adami is a buyer of Phillips 66. Scaramucci is a buyer of
Teva Pharmaceutical Industries
and Nathan is adding to his
position ahead of earnings.
-- Written by Bret Kenwell in Petoskey, Mich.
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