NEW YORK ( TheStreet) --The broader markets were led higher by technology stocks and closed modestly in the green on Wednesday.
Apple (AAPL) didn't get much of a lift on Tuesday from sending invitations to a Sept. 10 announcement. However, on Wednesday, the stock moved higher on speculation the company may have a deal with Chinese telecom giant China Mobile (CHL) after it was revealed Apple has an announcement scheduled in China shortly after its U.S. announcement on Sept. 10.
On CNBC's "Fast Money" TV show, Dan Nathan said China Mobile has over 700 million subscribers, 180 million of which use 3G. If Apple unveiled a smartphone on the network, it could sell up to 38 million devices by the end of next year, he added.
Guy Adami said the company wouldn't likely schedule the two events so close together if they weren't somehow correlated. He added that investors can continue to own the stock into the event.Karen Finerman said she is still long and would feel comfortable adding to her position at these levels. Mike Khouw added that he wouldn't be in a hurry to buy the stock and said that it will likely be weak following the announcement. BlackBerry (BBRY) announced that it's hopeful it can work out a deal to be bought out by November. Finerman questioned why this would cause the stock to rally considering the company has been for sale for a while now. Adami added that this looks like an opportunity for traders to short the stock. Paul Hickey said the company continues to appear more and more desperate. For their smartphone plays, Nathan was a buyer of Apple on a 5% to 10% pullback, Finerman was long Apple and Google (GOOG) and Hickey liked the supplier Skyworks Solutions (SWKS). Adami added that he liked Verizon (VZ) and Khouw favored Qualcomm (QCOM). Auto sales for the month of August were the strongest since November 2007. Asian automakers were particularly strong, with Toyota Motor (TM), Honda Motor (HMC) and Nissan (NSANY) all posting sales gains of 20% or higher for the month. Finerman said she still likes General Motors (GM) and would not sell the stock.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV