'Fast Money' Recap: Will Apple Shares Pull Back?

NEW YORK (TheStreet) -- The Dow Jones Industrial Average and S&P 500 fell on Friday while the Nasdaq climbed to five-year highs. 

Apple (AAPL) , which reach a new all-time high on Friday, was the first topic of discussion on CNBC's "Fast Money" TV show. 

Steve Grasso, director of institutional sales at Stuart Frankel, said large-cap tech stocks like Microsoft (MSFT) , Apple, Intel (INTC) and Google (GOOGL) seem like permanent positions in investors' portfolios, and that's why they don't see much selling pressure. He is staying long Apple but thinks it could pullback to $95. 

Guy Adami, managing director of stockmonster.com, said investors who have been long Apple should consider taking some profits in the stock. Shares could pull back to the mid-$80s given the big run. 

Brian Kelly, founder of Brian Kelly Capital, agreed there is limited upside in Apple and the stock no longer has an attractive risk-to-reward basis. 

Tim Seymour, managing partner of Triogem Asset Management, doesn't think Apple will decline to the mid-$80 level. He reasoned that the valuation is too attractive along with the dividend.

There have been reports the iPhone 6 may be delayed due to last minute changes to its display. Brian Blair, managing director at Rosenblatt Securities, thinks the 4.7" and 5.5" screen models could be delayed or in limited supply at first launch. 

However, this news won't hurt the stock too much because there is so much optimism and anticipation from investors, he said. They are assuming the iPhone will be announced in early September but are keeping an eye out for announcements in regards to mobile payments and wearable devices. Wearables may end up being irrelevant because no company has really thrived with the idea yet, so the potential is still unknown. Payments should do well, he concluded. 

Based on Federal Reserve Chair Janet Yellen's comments from the Fed meeting in Jackson Hole, Kelly made a number of moves. He said investors could sell short the iShares MSCI Germany ETF (EWG) and the iShares MSCI France ETF (EWQ) . He is also a buyer of the euro currency as well as silver.

Seymour said the U.S. dollar is breaking out to the upside and he is not a buyer of precious metals. 

Grasso said the main takeaway from Yellen's comments is that interest rates will remain low and U.S. equities are likely to trade sideways or higher over the intermediate future. 

Seymour, who said to sell the Market Vectors Russia ETF (RSX) on Thursday, said that despite the exchange-traded fund's 2% drop on Friday it is not time to get long again. 

Adami said investors should avoid shares of General Motors (GM) over the next three to six months and stick with companies such as Delphi Automotive (DLPH) and BorgWarner (BWA) . 

Gilead Sciences (GILD) climbed 2% and was the first stock on the show's "Pops & Drops" segment. Adami said the stock has climbed too far too fast and suggested investors take some profits. 

Deere (DE) dropped 2%. Seymour said higher crop supply actually hurts Deere because it lowers commodity prices and leaves farmers with less money to spend on equipment. 

Ross Stores (ROST) popped 7%. Grasso is a seller of the stock and does not like it over the long term. 

Dynergy (DYN) jumped 9%. Kelly said investors should use Friday's rally to take profits if they are long. 

Adami said it's hard to buy but each pullback in shares of Keurig Green Mountain (GMCR) has been a buy. Other stocks like Hain Celestial Group (HAIN) and Monster Beverage (MNST) have been doing well, too. 

Kelly likes Hain Celestial Group because the company's different assets are likely attractive to big companies. 

Seymour likes Coca-Cola (KO) due to its valuation, dividend and alternative strategies to finding growth. 

Grasso said Foot Locker (FL) has good inventory management but the stock has been too hot to buy. He is a buyer on a pullback to $50. 

Adami, who said to buy Gap (GPS) on Thursday, said investors can stick with the stock after its 5% move higher on Friday. Kelly said he does not like retail stocks at current levels. 

Seymour said King Digital Entertainment's (KING) move into China will be helpful but won't reverse the company's woes. However, the stock is cheap based on next year's earnings, especially if management can create new and successful products. 

Kelly said to take profits in KING after Friday's move higher. 

On GameStop (GME) , Adami said, "I think it goes higher from here." Kelly was pessimistic on GameStop's long-term outlook. 

For their final trades, Seymour is a buyer of McDonald's (MCD) and Grasso is buying Twitter (TWTR) because he thinks it could move to $50. Adami is a buyer of Korn/Ferry International (KFY) and Kelly said to buy the United States Oil ETF (USO) . 

-- 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.

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