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

NEW YORK (TheStreet) -- The S&P 500 snapped its winning streak on Wednesday, closing lower by 0.22%. 

On CNBC's "Fast Money" TV show, the trading panel analyzed Apple's (AAPL) second-quarter earnings results. The company boosted its share buyback program by $30 billion and hiked its quarterly dividend 8% to $3.29. The company also beat on top- and bottom-line estimates and announced a 7-for-1 stock split. 

Guy Adami, managing director of stockmonster.com, called it a "terrific quarter." He stressed the stock now has to hold its current trading level (post-earnings) or it could head back down towards $535.

Tim Seymour, managing partner of Triogem Asset Management, is long Apple. He said the stock needs to push through the $565 level, which acted as previous resistance. 

Karen Finerman, president of Metropolitan Capital Advisors, said Apple reported a good quarter and she likes the company's shareholder-friendly decisions regarding the share buyback and dividend boost. 

Brian Kelly, founder of Brian Kelly Capital, said he will wait two to three days and hope for a pullback before buying the stock. 

Collin Gillis, senior technology analyst at BGC Financial, has a hold rating on Apple with a $550 price target. He said Apple reported great earnings results. However, he pointed out that Apple's average selling price for its iPhones are "significantly" higher than its peers, meaning margins could come under pressure in the future. He said the stock split will likely have a slightly positive affect on the stock. 

Facebook (FB) beat on revenue and earnings estimates, grew revenue 71% year over year and increased both its monthly and daily active users. 

Robert Peck, managing director and Internet analyst at SunTrust Robinson Humphrey, has a buy rating on Facebook with a $70 price target. He pointed out that ad revenue are rising because of higher pricing, not because of higher ad volume, which is a positive sign. He added that Facebook's costs are dropping, providing more leverage to its operating margins. 

Adami called Facebook's quarter "fantastic." He said investors should stay long the stock. 

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