NEW YORK (TheStreet) -- There S&P 500 climbed 0.50% as Microsoft (MSFT - Get Report), Apple (AAPL - Get Report) and other companies reported earnings. On CNBC's "Fast Money" TV show, the panel started with Apple.
Dan Nathan, co-founder and editor of riskreversal.com, said investors who are currently long the stock should be happy with this earnings report. He added that gross margins were stronger than expected.
Guy Adami, managing director of stockmonster.com, noted the average selling price for most products were down, but overall it was a good quarter. He thinks the stock will move higher.
Brian Kelly, founder of Brian Kelly Capital, said the "quarter was good enough" for Apple. However, he pointed out that iPad sales are weakening, which could be trouble.
Steve Grasso, director of institutional sales at Stuart Frankel, said a larger iPhone could hurt margins more than investors think. The stock is rangebound between $85 and $100 for now.
Gene Munster, managing director at Piper Jaffray, has a buy rating on Apple with a $105 price target. He was pleased by Apple's gross margins and said the new iPhone should be available in the last week of September. He thinks Apple is "just scratching the surface" in China.
Amit Daryanani, managing director at RBC Capital Markets, has an outperform rating shares of Apple with a $100 price target. He also said the iPhone is likely to be available near the end of September. He has not factored in new products into his price target, but suggested that something such as the iWatch could boost margins, and therefore, earnings per share.
Microsoft beat on revenue estimates but missed earnings expectations.
Dan Ives, managing director at FBR Capital Markets, has a buy rating on Microsoft with a $49 price target. He said this earnings report definitely represents a "step in the right direction." He added that PC demand is benefiting Microsoft, as is the cloud. He suggested that it wouldn't be surprising to see Microsoft trade above $50 as investors start to value the stock more.
Nathan disagreed with Ives' price estimate, saying the stock, which is up 19% year to date, is moving too far, too fast. Grasso argued that Microsoft could get a higher valuation as it expands into the cloud. Kelly sold his long position in Microsoft, saying he would buy the stock back in the low-$40s.
Nathan called Broadcom (BRCM) a "good company" but said he wouldn't be a buyer of the stock following the big move to the upside and the "huge resistance level" at $40.
Kelly is not a buyer of Juniper Networks (JNPR - Get Report) near current levels but would be more interested in the stock on the long side near $22. Adami said Cisco Systems (CSCO - Get Report) seems like the better buy over Juniper.
Nathan said it is too hard to "call a top" in Chipotle Mexican Grill (CMG - Get Report) and sell the stock short. He also complimented Domino's Pizza (DPZ - Get Report) on how management has executed.
Kelly reasoned that McDonald's could be in trouble as competition continues to heat up.
For their final trades, Nathan said to take profits in Microsoft and buy the stock back near $42. Grasso is a buyer of KB Home, Kelly is a seller of gold and Adami is a buyer of Jack In The Box (JACK - Get Report).
-- Written by Bret Kenwell in Petoskey, Mich.