NEW YORK (TheStreet) -- The S&P 500 climbed 0.25% following the release of the Federal Reserve meeting minutes, but the trading panel was more interested in Apple's (AAPL) move higher during CNBC's "Fast Money" TV show.
Steve Grasso, director of institutional sales at Stuart Frankel, said he bought more shares of Apple on Wednesday. However, it would have been more encouraging to see the stock close stronger.
Read More: 7 Stocks Warren Buffett Is Selling in 2014
Dan Nathan, co-founder and editor of riskreversal.com, said Apple, the world's largest company by market cap, needs to introduce new products in order to justify the stock price and keep it moving higher. If it doesn't do that it could be a "sell the news" event when the iPhone 6 is released.Karen Finerman, president of Metropolitan Capital Advisors, said the company's large share repurchase plan does create value for shareholders by reducing the share count. She added the stock has severely underperformed the broader market since September of 2012, when the stock previous set its all-time high. Brian Kelly, founder of Brian Kelly Capital, said he covered his short position in Apple on Wednesday just below $101. Brent Bracelin, partner and senior analyst at Pacific Crest Securities, has a buy rating on shares of Hewlett-Packard (HPQ) with a $40 price target. He said the company was finally able to show year-over-year revenue growth while showing net income growth, too. The company is still early in its turnaround process, Bracelin suggested, possibly only in the "third or fourth inning." The company still has upside in its operating margins and has an attractive valuation. There will still be challenges, though, he concluded. Finerman admitted that Hewlett-Packard is a "value play" but it is not one that interests her on the long side. Kelly agreed, questioning how the company would continue to grow. Grasso, who was previously long the stock, said HP is not growing its servers business fast enough and has not made enough headway in the 3-D printing space. It could be becoming a "value trap," he suggested. Read More: Stock Market Today: Stocks Regain Momentum, Shrug Off Hawkish Fed Minutes Nathan said shares of Target (TGT) are beginning to look attractive because the stock continues to move higher despite the mediocre earnings report and lowered guidance. Kelly agreed, adding that the company is definitely in the midst of a large turnaround. Investors should use $55 as their stop-loss.
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts