After hitting $600 per share ahead of Friday’s new iPad release, Apple — along with a few select suppliers — might still be worth buying.
“I think you’ve still got to be a buyer of Apple,” Stuart Frankel’s Steve Grasso said on “ Fast Money .”
Grasso said strong sales of Apple’s iPad, Phone and MacBook, as well as a rumored Apple TV, were reasons to own the stock.
SLIDESHOW: Top Apple-Related Stocks for 2012
“If you look at it across the whole ecosystem, it’s still an Apple world,” he said. “But I will say Texas Instruments is the biggest surprise here because whenever you see the collateral plays, no one really mentions them until today.”
Texas Instruments, Grasso said, was an “under-the-radar” play.
Earlier, Jonathan Geller of the Boy Genius Report spoke about the new iPad, which he said was up to five times faster than the previous iteration with a 4G LTE connection.
Longer battery life, a sharper display and a more powerful processor put the iPad in a league of its own, he said. The only downside was a battery that was 70 percent larger. As a result, the new iPad was “a tiny bit thicker, a tiny bit heavier.”
“It’s a powerful, powerful upgrade,” he said.
Patty Edwards of Trutina Financial reiterated long positions in Qualcomm, as well as service providers AT&T and Verizon. She also added a new name, Synopsis, a maker of integrated chips.
Virtus Investment Partners’ Joe Terranova said Broadcom continued to underperform relative to Qualcomm, and he saw continued upside there, as well as in Cirrus Logic and NXP Semiconductor.
Jon Najarian of OptionMonster.com called Texas Instruments cheap.
“This is why you buy Texas Instruments by selling puts against it,” he said. “This is the stealth pay for Apple.”
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Trader disclosure: On March 16, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is long VRTS; Terranova is long NXPI; Terranova is long IBM; Terranova is long MCD; Terranova is long EMC; Terranova is long MSFT; Terranova is long JOY; Terranova is long OXY; Terranova is long LQD; Terranova is long POT; Terranova is long TBT; Terranova is short GOOG; Terranova is short April gold futures; Terranova is short May silver futures; Grasso is long ANR; Grasso is long ASTM; Grasso is long AVAV; Grasso is long BA; Grasso is long D; Grasso is long FRO; Grasso is long MHY; Grasso is long NUAN; Grasso is long MO; Grasso is long PFE; Grasso is long PRST; Grasso is long S; Grasso is long XLU; Grasso is long ZAZA; Kilburg is long SLV; Kilburg is long TLT; Kilburg is long 10-year bonds
For Patty Edwards Trutina Financial is long APPLE (AAPL)
Trutina Financial is long SPDR Gold Trust (GLD)
Trutina Financial is long INTEL (INTC)
Trutina Financial is long JOY GLOBAL (JOYG)
Trutina Financial is long STARBUCKS (SBUX)
Trutina Financial is long CONACO (COP)
Trutina Financial is long VALERO (VLO)
Trutina Financial is long AMAZON (AMZN)
Trutina Financial is long QUALCOMM (QCOM)
Trutina Financial is long BLACKROCK KELSO BKCC
Trutina Financial is long BANK OF MONTREAL BMO
Trutina Financial is long CHICAGO BRIDGE AND IRON CBI
Trutina Financial is long MCDONALDS MCD
Trutina Financial is long T
Trutina Financial is long QCOM
Trutina Financial is long SNPS
For Andy Busch No disclosures
For George Goncalves No disclosures
For Jeff Palma No disclosures