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'Fast Money' Recap: Still in a Bull Market

Netflix (NFLX) fell 2.30% and Michael Pachter, managing director and research analyst at Wedbush Securities, downgraded the stock. He said if Internet service providers were to start charging NFLX for the data its customers consume, the impact to its net income could be substantial. Pachter said it could range from $144 million to $936 million based on a 1-cent-per-gigabyte fee. NFLX would have to raise prices for its customers based on increased pipeline costs and content costs. 

Rather than investing in NFLX, Seymour likes other content providers, specifically Time Warner Cable (TWC).  Grasso called Wednesday's selloff in NFLX a buying opportunity. Scaramucci did not doubt NFLX CEO Reed Hasting's ability to overcome future hurdles but he's not a buyer of the stock based on valuation. 

Seymour said investors should continue to avoid J.C. Penney (JCP), which announced that it would be closing 33 stores. 

Seymour said Apple's (AAPL) biggest problem in China will be finding the right pricing points to sell its iPhones. He added the stock looks good at currently levels and needs to get through $575. 

Najarian also likes AAPL. He is long the stock and said it needs to break through and hold $575. If that happens, $600 is likely to be the next stop.

Scaramucci said Apple is likely to figure out the pricing points in China, which will become a massive market for the company. 

Grasso added to his Abercrombie & Fitch (ANF) position because there has been some speculative M&A chatter in the teen retail industry. 

Ronnie Moas, founder and director of Standpoint Research, was a guest on the show. He said there is a global issue in terms of wages and there needs to be a redistribution of wealth. He suggested that wealthy companies, such as Amazon (AMZN) and AAPL, do not pay its employees enough. 

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