This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

'Fast Money' Recap: Apple Continues to Move Higher

Stocks in this article: AAPL AA BA EPI LMT BRCM GOOGL TSLA DAL TEVA TTWO NOW ARIA CLVS LLY DB EBAY MRVL

NEW YORK (TheStreet) -- The S&P 500 closed at another record high on Monday. On CNBC's "Fast Money" TV show, Gene Munster, managing director at Piper Jaffray, was a guest on the show. He has a buy rating on Apple (AAPL) with a $730 price target. 

Munster says the stock seems poised to move higher following its WWDC event, where Apple unveiled new applications and a new software, iOS8. The company is building out the platforms to draw consumers in, he said, and can focus on monetizing them through future products at a later time.

He suggested that new products seem likely to be debuted or unveiled in September. He said an iWatch device could boost revenue by 5%. It's good to see the company focused on building out new services, he concluded. 

Tim Seymour, managing partner of Triogem Asset Management, said Apple seems likely to release its new iPhone this September. He argued the stock is under-owned by large institutions. 

Guy Adami, managing director of stockmonster.com, pointed out the bearish reversal in the stock price on Friday, but reasoned that shares are on the way to $700. 

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said the stock has a low valuation and will be bought by large fund managers over the next several quarters. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, reminded investors that the WWDC event is about software, not hardware. He added Apple continues to build out its ecosystem.

Dennis Gartman, publisher and editor and The Gartman Letter, said the economy in China continues to gain steam and it seems unlikely that trend will reverse any time soon. However, instead of buying Chinese equities, he is a buyer of Australia, New Zealand and the Australian dollar since the two countries are big suppliers to China and should benefit from continued expansion. He is no longer long coal. 

Adami said Alcoa (AA) still continues to work on the long side. He is also a buyer of Boeing (BA) near $120. 

Seymour said investors should look for a breakout in Japanese equities. 

Najarian pointed out the bullish call buying activity in the WisdomTree India Earnings ETF (EPI) ahead of that country's central bank meeting. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs