Brown noted Apple is still selling a ton of iPhones, 51 million in the most recent quarter, and should perhaps consider doing some financial engineering, as hedge fund manager Carl Icahn proposed.
Seymour said investors should be careful trying to mimic activist investors like Icahn. He added that luxury spending in China has been strong and should be a good market for Apple. Brown concurred.
Dennis Gartman, editor and publisher of The Gartman Letter, said the problems in emerging markets weren't all that concerning until issues in China arose. He is a buyer of gold and a seller of industrial metals such as copper and palladium. He said he was wrong about palladium when he said to buy it a few weeks ago. He suggested investors lighten their exposure to equities and sell emerging-market currencies.
Adami said the S&P 500 needs to hold the December lows around 1,765. As of now, it seems unlikely to break below that mark.
Seymour urged investors to reconsider shorting many emerging market countries because they've already declined significantly.Brown said 1,750 in the S&P 500 seems like "logical support." However, he thinks the Federal Reserve meeting later this week could be a game changer. Finerman said her strategy is to buy stocks that she likes at realistic prices while trying to block out a lot of other "noise." Overall, she is a net-buyer on Monday. Adami said investors could go long Nuance Communications (NUAN). Seymour advised investors not to chase Qualcomm (QCOM) at these levels. Finerman said she covered her short in Caterpillar (CAT) because the position was not working out. The company reported better-than-expected earnings results, but showed significant weakness in mining equipment.
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