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'Fast Money' Recap: Apple Shines

The trading panel said Apple boosted the tech sector with the strong debut of its iPhone 4.
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NEW YORK (

TheStreet

) -- The markets finished on the downside Monday on some selling pressures.

The

Dow Jones Industrial Average

was off 5.29, or 0.05%, to 10,138.52, while the

S&P 500

dropped 2.19, or 0.20%, to 1,074.57. The

Nasdaq

lost 2.83, or 0.13%, to 2,220.65.

Melissa Lee said on

CNBC

's "Fast Money" TV show that shares of

Apple

(AAPL) - Get Report

pushed the Nasdaq higher after it climbed more than 1% on a report that 1.7 million iPhone 4 units were sold over the weekend.

Jon Najarian said Apple is poised to go above $300. As for the tech sector, Joe Terranova said it's important to be selective and noted particular tech companies like Apple and

Akamai

(AKAM) - Get Report

that have great balance sheets and pricing power.

For a breakout of some stocks from a recent "Fast Money" TV show,check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw onTV

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Toni Sacconaghi, an analyst with Sanford Bernstein, expressed fears of Apple's market cap at $250 billion. He wondered whether the company can continue to outperform at that size and draw the attention of regulators.

Guy Adami said if one believes that the S&P holds at 1,080, names like

Intel

(INTC) - Get Report

and

IBM

(IBM) - Get Report

appear "cheap." However, he said the tech cycle may be over if one believes a chip report that said that Intel may have hit its peak margins.

Tim Seymour said Intel looks good because it is getting back into the smartphone game and working with

Nokia

(NOK) - Get Report

. However, he said he worries about the tech because he doesn't know whether consumer spending can hold up if unemployment continues to be a problem.

Najarian said he remains positive about the markets, pointing to today's consumer spending report and bullish industrial production numbers from Europe.

But Seymour maintained that Europe is going through a period of retrenchment while consumers in the U.S. are spending money they don't have.

Lee noted that

Micron

(MU) - Get Report

was giving up some gains after rallying today. Najarian said Micron is enjoying strong demand for its DRAM products, as buyers race to put in orders before the end of the quarter.

In assessing the winners and losers for the end of quarter, Mike Khouw said

Monsanto

(MON)

was the big loser that has been bedeviled by fundamental problems that is causing it to underperform. Seymour agreed but liked the valuation.

TST Recommends

Khouw said another stock that has been beaten up is

Foster Wheeler

.

Lee noted that steel names were falling, prompting Adami to say the steel sector is losing its pricing power.

Brian Kelly added the price action on steel was "horrible" and that materials were getting hammered. "It doesn' bode well for the economy."

Lee brought in Robert Pops, CEO of

Alkermes

(ALKS) - Get Report

, which is working with

Amylin

(AMLN)

and

Eli Lilly

(LLY) - Get Report

on FDA approval of a once-a-week version of Byetta, a diabetes drug. Pops said his company is a good position, with news of Roche's delay in getting out a competing drug.

He said he is optimistic about the drug, Byetta, and the drug delivery system, because both are well proven.

Lee shifted to a breaking news story in which Sen. Russ Feingold, D-Wis., said he was not going to vote for the financial overhaul bill. She said earlier news of the death of Sen. Robert Byrd, D-West Virgina, could put a monkey wrench in the 60 votes needed to pass the bill.

But Ed Mills, an analyst FBR Capital Markets, said there are still plenty of other paths to pass the bill, adding he doubted whether there would be any material changes to the legislation.

Looking at tomorrow's headlines, Lee brought in David Levy, of the Jerome Levy Forecasting Center, to weigh in on the economy. He said the chances for a double-dip recession are more likely and will depend on the direction of fiscal policy the next six months.

He said the economy is sinking again, with the biggest threat coming from a political move toward Herbert Hooverism. He said he would like the government to counter that trend with a strong public investment program to fix the infrastructure and boost education. He said Europe faces the same anti-stimulus pressures.

Dennis Gartman said gold is about to go parabolic, but Terranova disagreed, saying the recent trading in gold doesn't suggest that gold "wants to explode higher."

Lee spoke by phone with Carl Icahn, whose tender offer for the remaining shares of

Lionsgate

(LGF)

expires at midnight on Wednesday. He said he is going through with the tender in order to change the direction of the company. He said the company can be more profitable if it cuts costs, moves to a platform as a distributor and sticks to TV.

In the final trades, Kelly said to short the financials, while Seymour said to short

Vale

(VALE) - Get Report

. Adami liked

Ford

(VALE) - Get Report

, while Terranova favored the refiners. Najarian liked

Tellabs

(TLAB)

.

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.

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