NEW YORK (TheStreet) -- The broader market again churned higher as earnings reports continue to roll in from big-name companies.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said on CNBC's "Fast Money" TV show that he would be a buyer on an after-hours dip. He added Apple beat sales estimates for all its major products -- the iPhone, iPad, iPod and Mac -- and most of the report does not include the results of its new product launches.
He also said Japan could be a big opportunity for Apple, which only has a 5% market share in a country that is expected to have 425 million smartphones sold in 2014.
Tim Seymour, managing partner of Triogem Asset Management, said the quarter was fine but the company has failed to make any major inroads in emerging markets.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, said the demand for the new iPad Mini and the iPad Air is overwhelming and expects the holiday season to be very strong.
Guy Adami, managing director of stockmonster.com, said investors seem to be in a "wait-and-see" mode since the stock isn't really moving much. He added that it wouldn't be surprising for the stock to gap either higher or lower on Tuesday.
Ryan Jacob, portfolio manager of Jacob Asset Management, was a guest on the show and said most market participants had expected Apple to be relatively conservative on its guidance. He added that investors want to know what Apple's plans are for its cash and what new products will be released. He concluded there's not a lot of downside risk but a lot of upside potential.
Seymour agreed about not chasing the stock on Tuesday, but said the company deserves the high valuation because of its incredibly high growth.
Jon Najarian said he likes Kors but also likes Coach (COH) , which is the cheaper of the two stocks in terms of valuation.
Facebook's (FB) - Get Meta Platforms Inc. Report recent pullback is a buying opportunity ahead of earnings later this week, according to Pete Najarian. Adami added he would take profits if the stock popped higher on the report.
Brian Wieser, an analyst at Pivotal Research, was a guest on the show and has a buy rating on Twitter with a $29 price target, despite the company not yet being public. He said Twitter has higher growth than Facebook, a good management team and it can derive value for its advertisers. He added there is a lot of upside potential for international expansion.
Seymour called Twitter a "hold" going into the IPO and believes in the stock for the longer term, but doesn't like how it's being priced below what seems to be fair value.
Pete and Jon Najarian were both buyers, with Jon saying he will buy the stock if it is up less than 25% on its first day of trading, regardless of whether he is allocated shares or not.
Adami called Twitter a buy-and-hold and believes the initial public offering will go just fine despite the debacle that occurred with Facebook's IPO.
Merck (MCK) - Get McKesson Corporation Report fell 2% and Pete Najarian said the stock isn't as compelling as Bristol-Myers Squibb (BMY) - Get Bristol-Myers Squibb Company Report, Eli Lilly (LLY) - Get Eli Lilly and Company Report and Pfizer (PFE) - Get Pfizer Inc. Report.
Dennis Gartman, publisher of The Gartman Letter, was a guest on the show and said there's no press conference scheduled for tomorrow from the FederalReserve, meaning there is no change in its monetary policy. Gartman doesn't expect there to be any tapering announcement until 2014, so he thinks the U.S. dollar will go lower while bonds, stocks and gold should go higher.
Adami likes Chicago Bridge & Iron (CBI) going into earnings on Tuesday because of valuation.
For their final trades, Adami is buying Garmin (GRMN) - Get Garmin Ltd. (Switzerland) Report and Pete Najarian is buying AtmosEnergy (ATO) - Get Atmos Energy Corporation Report. Seymour is buying Petrobras (PBR) - Get Petroleo Brasileiro S.A.- Petrobras Report and Jon Najarian is buying Goodyear Tire & Rubber (GT) - Get The Goodyear Tire & Rubber Company Report.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.