NEW YORK (TheStreet) -- The S&P 500 closed at a record high following the Federal Reserve's statements on the U.S. economy.
However, on CNBC's "Fast Money" TV show, the trading panel shifted their focus to Amazon's (AMZN) new Fire smartphone.
Guy Adami, managing director of stockmonster.com, said the phone is unlikely to be a "game-changer" in the current quarter. However, he said the company's next earnings report has to have improved operating margins. He reasoned the stock is headed to $345.
Dan Nathan, co-founder and editor of riskreversal.com, called the phone "dead on arrival" and "gimmicky." He added that it's unlikely to have a big affect on the stock.
Karen Finerman, president of Metropolitan Capital Advisors, questioned how much the company would need to generate in sales in order to justify creating the Fire smartphone.
Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said Amazon had to create this phone, with 20% of online shopping coming from mobile devices. He added that the company will continue to improve the device as time goes on.
Colin Gillis, director of research and senior tech analyst at BGC Financial, has a hold rating on shares of Amazon with a $365 price target. He said the company is likely to sell less than 5 million units of the Fire smartphone annually. He added the price is too high but the company needed "take matters into their own hands" to keep up with competitors and to get a mobile shopping platform.
Turning to BlackBerry (BBRY), Gillis upgraded the stock to buy from sell and assigned an $11 price target. The company reports earnings on Thursday. While admitting his upgrade may be early by a "quarter or two," he reasoned that CEO John Chen is doing a good job turning the beleaguered smartphone maker around. The company still has impressive sales outside of the U.S. and can continue to cut costs.
Brown said investors should buy Nokia (NOK), which is in the midst of a big technical breakout.
Finerman said she does not see the long-term picture for BlackBerry and therefore is not a buyer of the stock.
Nathan is not a buyer of BlackBerry because it has "the wrong products" for consumers.