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'Fast Money' Recap: Apple Under $100? Now What?

 

NEW YORK (TheStreet) -- The S&P 500 fell 0.08% but the trading panel on CNBC's "Fast Money" TV show had their attention on Apple (AAPL) , which slid 4.2% and closed below $100 per share for the first time since Aug. 18. 

Karen Finerman, president of Metropolitan Capital Advisors, said Apple looks like it could still decline a bit further. She is long the stock but has not covered her short $105 call options, which are being used to hedge a downside move. Don't buy the pullback yet, she added. 

Guy Adami, managing director of stockmonster.com, said Apple could decline to $88 per share if the company disappoints investors at its Sept. 9 event. 

Read More: 10 Stocks George Soros Is Buying

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said he used Wednesday's pullback to get long Apple. In the short term, the stock could push up to $105 and up to $110 in the longer term. 

Brian Kelly, founder of Brian Kelly Capital, said the stock could decline all the way to $80 if sentiment continues to become more negative. 

Adrian Mowat, chief emerging markets strategist at JPMorgan, was a guest on the show. Ahead of Thursday's European Central Bank announcement he suggested that quantitative easing from the U.S. has had a negative affect on emerging markets. His top picks are India, Indonesia and Brazil. In Brazil, he likes financials and energy stocks and has an underweight rating on resource stocks. 

Kelly said he likes the iShares MSCI Brazil Capped ETF (EWZ)   and likes Brazilian equities more than Indian equities. Najarian said he likes Chinese equities. 

Adami said Yum! Brands (YUM) is more expensive than McDonald's (MCD) on a forward earnings basis. He is a buyer of McDonald's and said Yum! Brands needs to find support near $66 or the stock could be in trouble. 

Kelly said he is not a buyer of Delta Air Lines (DAL) , which declined 5% on Wednesday. He added that investors who are long should consider taking some profits.

Read More: Read More: How Samsung Is Trying to Take the Press From Apple

Najarian is a buyer of Delta Air Lines and United Continental Holdings (UAL) . Adami likes Delta and JetBlue Airways (JBLU)

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