NEW YORK (TheStreet) -- The S&P 500 closed at another record high on Monday. On CNBC's "Fast Money" TV show, Gene Munster, managing director at Piper Jaffray, was a guest on the show. He has a buy rating on Apple (AAPL) with a $730 price target.
Munster says the stock seems poised to move higher following its WWDC event, where Apple unveiled new applications and a new software, iOS8. The company is building out the platforms to draw consumers in, he said, and can focus on monetizing them through future products at a later time.
He suggested that new products seem likely to be debuted or unveiled in September. He said an iWatch device could boost revenue by 5%. It's good to see the company focused on building out new services, he concluded.
Tim Seymour, managing partner of Triogem Asset Management, said Apple seems likely to release its new iPhone this September. He argued the stock is under-owned by large institutions.
Guy Adami, managing director of stockmonster.com, pointed out the bearish reversal in the stock price on Friday, but reasoned that shares are on the way to $700.
Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said the stock has a low valuation and will be bought by large fund managers over the next several quarters.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, reminded investors that the WWDC event is about software, not hardware. He added Apple continues to build out its ecosystem.
Dennis Gartman, publisher and editor and The Gartman Letter, said the economy in China continues to gain steam and it seems unlikely that trend will reverse any time soon. However, instead of buying Chinese equities, he is a buyer of Australia, New Zealand and the Australian dollar since the two countries are big suppliers to China and should benefit from continued expansion. He is no longer long coal.
Seymour said investors should look for a breakout in Japanese equities.
Najarian pointed out the bullish call buying activity in the WisdomTree India Earnings ETF (EPI) ahead of that country's central bank meeting.
Adami said the valuation for shares of Lockheed Martin (LMT) appears to be a little "stretched." He wouldn't buy the stock on the news that LMT was awarded a $915 million contract from the U.S. Air Force.
Scaramucci pointed out that Lockheed Martin has very good management over its cash flow, paying investors a hefty dividend and buying back plenty of stock.
Najarian argued that shares of Broadcom (BRCM) appear poised to go north of $36 based on its low valuation.
Adami said Google (GOOGL) looks likely to move back toward $600. Scaramucci is bullish on the stock over the long term.
Seymour is not a buyer of Tesla Motors (TSLA) based on its valuation, future competition and current battery prices.
Delta Air Lines (DAL) climbed 2% and was the first stock on the show's "Pops & Drops" segment. Scaramucci said he would own the stock as a trade into earnings.
Teva Pharmaceutical Industries (TEVA) popped 3%. Seymour said he would stay long the stock as a play on emerging market healthcare.
Take-Two Interactive Software (TTWO) fell 5%. Najarian pointed out the big short-interest in the stock, and reasoned that shares are simply selling off after a big run to the upside.
ServiceNow (NOW) dropped 4%. Adami was not a buyer, based on valuation.
CNBC's Meg Tirrell was taking a look at Monday's movers from the American Society of Clinical Oncology (ASCO) conference. Ariad Pharmaceuticals (ARIA) climbed 7% on positive data related to its leukemia drug, Iclusig. Clovis Oncology (CLVS) fell 7% after it was revealed that a small number of patients had high blood sugar as a result of the company's lung cancer treatment. The CEO later insisted the treatment does "not cause diabetes."
Najarian said biotech stocks are always in the M&A scope from large-cap pharmaceutical companies looking for future growth. He is long Eli Lilly (LLY).
Adam Cecchetti, founder and chief research officer of Deja vu Securities, said hackers continue to find ways around securities systems that are in place, no matter how sophisticated they are. However, it's the devices that are connected to the Internet -- coffee makers, cars, home security/control systems -- that are the most vulnerable. His company specializes in securing these types of systems.
-- Written by Bret Kenwell in Petoskey, Mich.