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'Fast Money' Recap: Focus on Apple

Facebook (FB) reports earnings on Wednesday after the bell and Adami said he thinks there's still room on the upside, possibly up to the $28.50 to $29 range.

For the show's "Street Fight" segment, Altria (MO) was in the limelight. Seymour says it's a buy because of a strong dividend, diversified business segments and earnings per share growth.

Finerman disagreed. She acknowledged the nice dividend, but said she sold her position because she believes smoking will begin to decline. She added that volume shipments are down, margins are down and the valuation is stretched.

For "Tomorrow's Top Trades," Ford Motor (F), Boeing (BA) and Caterpillar (CAT) all report earnings before the open on Wednesday.

Seymour said Ford has had a good run this year, up 30% since January, but now the valuation is getting rich and the bar will be high. He added that the North American segment would probably beat expectations, but Europe would be the big question.

Boeing, which is up 41% for the year to date, still has more room to run, according to Adami. He said that the company has been shrugging off a lot of bad news and that the stock will take off over $110, which is where it looks like it wants to go.

Anthony Scaramucci said he is siding with Jim Chanos, who announced that Caterpillar was his best short pick for the year last week at the Delivering Alpha Conference. Scaramucci said Caterpillar had a flawed revenue model, and that management has made too many acquisitions.

Panera Bread Company (PNRA) reported earnings Tuesday after the close and missed on both top- and bottom-line estimates. The company reported $1.74 in earnings on $589 million in revenue, below estimates of $1.77 in earnings on $596 million in revenue.

Adami said he did not like this report at all. While he did not advocate shorting Panera, he did say that he would be a seller if he owned it. He pointed to the lower full-year guidance, flat margins and horrible comps as reasons for his distaste.

Another stock that reported earnings on Tuesday was DuPont (DD), which beat earnings per share estimates but missed slightly on revenue. However, the quarter seemed to be more hinged on activist investor Nelson Peltz than the actual results.
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