NEW YORK (TheStreet) -- Technology stocks were the focus on CNBC's "Fast Money Halftime" show after Apple (AAPL) crossed the $700 billion market cap level on Tuesday, surpassing Exxon Mobil's (XOM) $400 billion cap on the S&P 500.
Apple shares are up nearly 48% for the year to date but that doesn't mean the rally is over, according to Josh Brown, CEO and co-founder of Ritholtz Wealth Management. Fund managers continue to load up on the stock. Don't forget that Apple missed most of the broader market's rally from mid-2012 through 2013, he said.
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Investors continue to buy upside call options, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. This indicates that more upside may be in store.
Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, is one of those call buyers. He said the call option premium is low enough to the point where it makes sense to own the calls instead of the common stock. If one believes the market will do well, then Apple should, too, he said.
Mike Murphy, founder of Rosecliff Capital, disagreed. Investors who missed the move should wait for a pullback if they want to be long Apple. The stock is overbought near current levels.
The conversation shifted to Twitter (TWTR) and whether a potential acquisition may be on the way following a tweet that accidentally went public from CFO Anthony Noto suggesting as much. Najarian said SnapChat may be a possible target because Twitter recently told investors that it is interested in building out and improving its direct messaging feature.
Brown agreed SnapChat could be a viable target. Twitter doesn't have trouble growing revenue but it is having trouble with user growth. SnapChat would bolster that metric as well as bring in younger users, he said.
"Roll, Tide, roll," said Julian Emanuel, U.S. equity and derivatives strategist at UBS, about the S&P 500's 2015 prospects. He expects the index to climb to 2,225 at year's end, helped along by increasing GDP, low oil prices and low interest rates. His top sector picks include financials, technology and health care.
Next year will be good for housing as well as the overall market, according to Bill Pulte, CEO of Pulte Capital Partners. He expects next year to be good but not great. Housing starts should continue to improve but prices will likely fall. This will weigh on gross margins for the homebuilders, he said. His top plays include Masco (MAS) , Fortune Brands (FBHS) and American Woodmark (AMWD) .
Tiffany & Company (TIF) missed on revenue and EPS estimates for the third quarter. Still, the stock made new all-time highs in Tuesday's trading session. Stay long the stock, Najarian advised. All of the company's regions were strong except Japan, margins and same-store sales are growing, and the stock is cheap based on its historical forward earnings estimates.
Brown agreed, adding the stock continues to trade well and the "business is in good shape."
Gross margins may be up, but they won't continue to increase over time, Murphy countered. Japan is a "major chink in the armor" for Tiffany & Company, and the stock is expensive based on valuation. There's no need to buy the stock at current levels, he said.
-- Written by Bret Kenwell