NEW YORK (

TheStreet

) --

Apple

(AAPL) - Get Report

shares soared more than 9% in afterhours trading after it delivered a blowout earnings report that shattered analysts estimates.

Apple handily beat revenue and net profit estimates as it sold 37 million iPhones and 15.43 million iPads in the past quarter.

Karen Finerman said on

CNBC

's "Fast Money" show that the results were astounding and wondered where Apple could go from here.

Joe Terranova said Apple's results, combined with improving conditions in Europe, could be the catalyst to send the market higher.

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 on TV

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Guy Adami said it may be too late to get into Apple at this price. He said investors should consider downstream plays lke

Qualcomm

(QCOM) - Get Report

although it has had trouble pushing through $60.

Keith McCullough also said he wouldn't be buying Apple on Wednesday. He said Apple has become a growth as well as a value story.

Finerman said the one knock on Apple has its been terrible capital allocation. She said it's absurb for Apple not to use some of its $97 billion in cash for dividends and a buyback.

CNBC

tech reporter Jon Fortt, who is on the Apple conference call, said the company is actively discussing using some of the cash without providing any details. He also said Apple would be looking to use the cash for possible supply-chain investments and acquisitions.

Colin Gillis, an analyst with BGC Partners, applauded Apple's surprisingly strong numbers but wondered how it is going to be able to put up the big numbers to meet expectatations in the future.

Melissa Lee, the moderator of the show, said that Apple had just become the company with the largest market cap in the world, as it relegated

Exxon Mobil

(XOM) - Get Report

to second.

In after-hours trading, Lee noted a number of derivative grades that were up, including

Broadcom

(BRCM)

and

Nuance Communications

(NUAN) - Get Report

.

Lee shifted the discussion to

Lions Gate Entertainment

(LGF)

, which recently picked up Summit, has been up 56% in the past year.

Vice Chairman Michael Burns said the company, with the acquisition, now can reach 100 million fans on Facebook. Burns also discussed the company's upcoming movie,

The Hunger Games

, which is due to come out on March 23 but is already enjoying a huge runup in book sales from the social media hype.

Adami said the stock, which is pushing toward $10, is worth a look.

Shifting to

Yahoo!

's

(YHOO)

earnings call,

CNBC

reporter Julia Boorstin noted that its new CEO Scott Thompson said the company is active discussions with its Asian partners about a significant restructuring of its Asian holdings, with the goal of locking value to shareholders. She said Thompson emphasized Yahoo! wants to move quickly.

In the Volatility Playbook segment, Adami said there is a huge opportunity for investors to buy some protection for their portfolio as the markets move higher.

Lee brought in Don Bubar, CEO of

Avalon Rare Metals

(AVL)

to comment on a report from Japan that a major hybrid auto manufacturer was seeking an alternative to the use of rare metals.

Bubar downplayed the report, saying end-users have been looking for alternatives for some time because of constricted supplies as a result of China's export quotas. He also said the auto use represents only a small part of the many applications for rare metals.

In the final trades, McCullough liked

Brinker

(EAT) - Get Report

. Adami favored Lions Gate. Finerman said she would not be jumping into Apple on Wednesday. And Terranova said he would put a $20.60 stop on

Cirrus Logic

(CRUS) - Get Report

; a $419 stop on Apple; and a $34.52 stop on Broadcom.

--

Written by David Tong in San Francisco.

>To contact the writer of this article, click here:

David Tong

.

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