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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) - Get Apple Inc. Report 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. 

Dan Nathan, co-founder and editor of, 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) - Get HP Inc. Report 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.

Nathan said shares of Target (TGT) - Get Target Corporation Report 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. 

Finerman said she was hoping for Target to pull back following its recent earnings report where management lowered expectations. The stock is "not particularly cheap right here," she added. 

Finerman said Bank of America (BAC) - Get Bank of America Corp Report trades at just over one times tangible-book value, which indicates it's fairly valued. She added that the stock can get to $20 over the next 18 months but needs interest rates to move higher to improve profitability. Grasso said he agrees with Finerman's longer-term outlook and said the stock is likely to remain rangebound between $14.50 and 16.50. 

Nathan said shares of Bank of America trade "horribly," and he would look elsewhere for the time being.

Anthony Grisanti, founder, president and oil trader at GRZ Energy, said WTI crude oil could fall another $5 per barrel by the October expiration. Demand is lower, supply is higher and geopolitical issues are not causing prices to rise. Demand almost always falls in the fourth quarter, too, he concluded. 

Kelly said he covered his short position in crude oil. In order for him to sell the commodity short once again there would need to be another catalyst, such as lower demand, a slowing European economy or lower geopolitical tensions. 

Grasso said he is still long Cheniere Energy (LNG) - Get Cheniere Energy, Inc. Report but large, integrated oil stocks are headed lower if crude heads lower, too. 

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Finerman said tanker companies such as Navios Maritime Acquisition (NNA) - Get Navios Maritime Acquisition Corporation Report trade based on oil supply, which is higher, and not prices, which are falling. 

Kelly said he has small bearish position in the iShares 20+ Treasury Bond ETF (TLT) - Get iShares 20+ Year Treasury Bond ETF Report via put options ahead of Friday's Federal Reserve Jackson Hole speech. 

JetBlue Airways (JBLU) - Get JetBlue Airways Corporation Report climbed 3% and was the first stock on the show's "Pops & Drops" segment. Grasso said he would stay long the stock despite the 49% year-to-date increase in the stock price. 

Cumulus Media (CMLS) - Get Cumulus Media, Inc. Class A Report popped 6%. Finerman said the stock has been "painful" to be in but she is still long. The recent selloff was overdone, she added. 

JA Solar Holdings (JASO) fell 6%. Kelly said the stock reported poor revenue. "I think you stay far away from this one," he added. 

Herbalife (HLF) - Get Herbalife Nutrition Ltd. Report dropped 2%. Nathan pointed out the stock's 42% short interest and said he would avoid the stock.

Kara Swisher, co-executive editor at Re/Code, was a guest on the show. On Amazon (AMZN) - Get, Inc. Report entering the Chinese e-commerce market, she said the company will definitely struggle at first. It's a big opportunity but many U.S. companies have struggled in the region. The Chinese market is very large, and she questioned if Amazon is already too late because Alibaba has secured 80% of the e-commerce market in the country. 

Nathan said it seems like it will be hard for Amazon to take market share in China. Kelly said investors shouldn't buy shares of Amazon on this news. Although it's exciting, it will take years for it to make an impact. 

Joseph Spak, an analyst at RBC Capital Markets, has a buy rating on shares of Mobileye (MBLY) with a $43 price target. He said the company has intense growth and an already profitable business model. The company's technology not only aids today's drivers but is expected to play a large role in semi- and fully-autonomous driving. He is a buyer on pullbacks. 

Grasso said shares of Mobileye have to find support near $35 over the short term. Long-term investors will have plenty of time to buy the stock, he said. Kelly called Mobileye a "long-term" buy-and-hold stock. 

Nathan said the options market implies that (CRM) - Get, inc. Report will move 6% following the release of its earnings. 

For their final trades, Nathan is a seller of the iShares Russell 2000 ETF (IWM) - Get iShares Russell 2000 ETF Report near $115 and Grasso is a buyer of Apple. Kelly is a seller of the iShares iBoxx High Yield Corporate Bond ETF (HYG) - Get iShares iBoxx $ High Yield Corporate Bond ETF Report and Finerman said investors who plan to stay long the stock market should buy portfolio protection via long put options in the SPDR S&P 500 Trust ETF SPY. 

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.