Finerman said the fact the company is for sale is not a bullish sign, considering it's been for sale for quite some time. She added that key customers and employees have been leaving and revenues have been plunging.
Mike Khouw added that the longer-term options bets have pointed to the bearish side, citing that 60% of the company's revenue come from mobile devices, which have been declining rapidly.
Verizon (VZ) was the first stock on the show's "Trending Trades" segment after the company's announced deal with Vodafone (VOD). Kelly said he would rather buy the latter, which is the real winner in the deal.
Aeropostale (ARO) continues to go lower following its disappointing earnings report. Adami said it feels like the stock could head lower, possibly to the $6 range.William Stiritz, a private equity investor, announced a 5% stake in Herbalife (HLF). Finerman said she wouldn't want to be short against multiple big-name investors because of the short-squeeze risk. Deckers Outdoor (DECK) was the first stock on the show's "Pops & Drops" segment and Grasso said the stock could go to $75 if it can hold the $60 level. CBS (CBS) popped 5%. Adami said the stock will likely pullback to the $48.50 to $49 level. Realogy Holdings (RLGY) dropped 1%. Finerman said she doesn't believe the housing story has ended and she likes the stock. Coca-Cola (KO) fell 1% and Kelly said he wants to see the stock's price action at $37.80 before deciding how to play it. Humana (HUM) popped 2% and Khouw said traders could likely find a better entry down the road. Finerman said she's optimistic on auto sales for the month of August and added that she's long General Motors (GM). Adami said that Zillow (Z) has been a monster and the rising short interest makes him think the stock will go higher. Finerman said she is still short Caterpillar (CAT) and is looking for sub-$80 levels. Kelly said investors could look to buy Pfizer (PFE) for its dividend, but added that he would rather be in the biotech space as opposed to the pharmaceutical space. Grasso said he doesn't like the chart for Seagate Technology (STX), but those looking to play on the long side could use the $37 to $37.20 level as a stop-loss target. Khouw said investors could actually follow hedge fund manager Carl Icahn into Nuance Communications (NUAN) because of his strong performance and the stock's limited downside. For their final trades, Adami said to buy Eastman Chemical (EMN), Finerman was a buyer of Realogy Holdings and Khouw was a buyer of Apple (AAPL) calendar spreads. Grasso was a buyer of Deckers Outdoor and Kelly was going long bonds via the iShares 20+ Year Treasury Bond ETF (TLT). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on Twitter and become a fan on Facebook.