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'Fast Money' Recap: Waiting for Apple

Dollar General (DG) was the first stock on the show's "Pops & Drops" segment after jumping 4%. Finerman said the company reported a solid quarter.

J.C. Penney (JCP) popped 5%. Adami said that with hedge fund manager Bill Ackman out, he wouldn't be surprised to see hedge fund manager Carl Icahn enter the name. He added the business is terrible but it can still be played on the long side.

Microsoft (MSFT) fell 2% and Nathan said the stock is a buy below $30 ahead of its analyst meeting on Sept. 19.

Ciena (CIEN) popped 14% following positive guidance in its earnings report, but Khouw said he would not chase it after it made 52-week highs.

Hickey said traders looking to chase E-Trade (ETFC) after its 8% jump higher could use $15 as their stop-loss.

Zillow (Z) was the featured company on the show's "Street Fight" segment. Adami defended it, saying the stock has performed great since the secondary at $82. He added that traffic continues to increase and the huge short interest continues to squeeze the stock higher.

Nathan said the valuation is ridiculously high when sales are decreasing. However, it's hard to short, considering 60% of the float is owned by the top 10 shareholders and that the time to buy was earlier this year.

Qualcomm's CEO, Paul Jacobs, was a guest on the show, discussing wearable technology. The company unveiled its own "smart watch," the Toq -- pronounced "talk." However, he said the company isn't looking to do tremendous sales and will only offer a limited edition product line. Qualcomm wants to show the world what wearable technology can be and is looking to work with partners on expanding in the space, which has plenty of potential.

Citigroup downgraded U.S. equities and upgraded European stocks. Hickey said there seems to be a lot of euphoria surrounding international markets. Over the long term, he would stick with U.S. stocks.

Nathan said Tesla Motors (TSLA) appears to be losing steam. He is looking to take advantage of a 10% to 15% pullback via a put spread.

Hickey said he prefers Dr. Pepper Snapple Group (DPS) over Coca-Cola (KO) because the former should outperform the latter with its strong drink brands.

For their final traders, Khouw was a buyer of diagonal spreads in BlackBerry, Finerman was a buyer of Citigroup (C) and Nathan was a seller of Tesla Motors. Hickey was a buyer of Salesforce.com (CRM) and Adami was buying Garmin (GRMN).

-- Written by Bret Kenwell in Petoskey, Mich.

Follow TheStreet.com on Twitter and become a fan on Facebook.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.
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