'Fast Money' Recap: Forget the Fed, What About Apple?

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) 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 riskreversal.com, 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) 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) 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. 

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