Apple shares rose Monday after a positive report, and “Fast Money” traders said the iPhone maker could carry some other stocks higher with it.
Apple asked suppliers to produce between 72 million and 78 million iPhone 7s by the end of the year, Taiwan’s Economic Daily reported. Wall Street expected about 65 million units.
Apple shares climbed more than 1 percent Monday and closed at $96.43. The stock has fallen 8 percent this year amid slumping expectations for the flagship iPhone.
“Finally, now, I think you have some reason for optimism,” said trader Guy Adami, who said Apple could possibly rise to $110 per share.
Traders Pete Najarian and Karen Finerman are long Apple either personally or through their firms. Finerman said she has stuck with the stock because she is “excited about the (iPhone 7) launch.”
Najarian, though, said he has more interest in shares of Apple suppliers. He said Cirrus Logic could rise and make a strong trade. The stock popped nearly 3 percent on Monday.
Trader David Seaburg, meanwhile, touted supplier Universal Display, which he said has a “massive opportunity” in the iPhone market. Its shares spiked more than 8 percent Monday.
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami’s wife, Linda Snow, works at Merck.
Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, GS, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, AGN, AKS, AMJ, COP, EGO, EWZ, GLW, GS, GSAT, HAL, HAIN, HBAN, KATE, KBH, KGC, KMI, LLY, MSFT, MT, NOK, NLNK, POT, SBUX, SLV, SRPT, SVU, TCK, TEX, UAL, YHOO Long Puts: BBY, BID, FCX, NOV, PBR, VLO
Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc