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'Fast Money' Recap: Getting to the Core of Apple

NEW YORK (TheStreet) -- The S&P 500 closed lower in a volatile trading session. Monday began a busy week of earnings. Apple (AAPL) reported after the close. 

The technology giant beat on top- and bottom-line estimates but provided a below-consensus, second-quarter guidance to go along with lower-than-expected sales of the iPhone. 

Guy Adami, managing director of, said it seems like the stock will set up as a good long on Tuesday. He added Tuesday's low is unlikely to surpass Monday's after-hours low. 

Karen Finerman, president of Metropolitan Capital Advisors, said gross margins look pretty good, but Apple needs a new product category as a positive catalyst for the stock. She added that it's a hard stock to value but below $500 it is attractive. 

Tim Seymour, managing partner of Triogem Asset Management, said many investors want the positive catalyst to be China, but earnings per share growth won't be that big due to the region. Below $515, AAPL could have some trouble. 

Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said the stock could get crushed, just as it did around the same time last year. He argued Apple stock is cheap and that shouldn't happen. He questioned why a company like Hewlett-Packard (HPQ) trades with a higher valuation. 

Colin Gillis, senior tech analyst at BGC Financial, was a guest on the show. He downgraded AAPL in Monday's trading session, based on valuation and his price target. He said the company desperately needs a new product to get investors excited again. 

Gillis added that iPhone demand is still good, but softer than what analysts had expected. He also said that iPhone activations on the China Mobile Limited (CHL) network are strong, but it could be the end of the "miraculous iPhone run" of upside estimate beats. 

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AAPL $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%
TSLA $203.34 0.00%
YHOO $44.28 0.00%


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S&P 500 2,104.50 -6.24 -0.30%
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