Trader: Buy Apple on dip. Dump IBM

Pedestrians walk past the IBM building in New York.
Scott Mlyn | CNBC
Pedestrians walk past the IBM building in New York.

A flurry of activity erupted Thursday morning with traders in the Halftime Report Portfolio competition as they looked to capitalize on earnings season volatility and oil's recent surge higher.

Jim Lebenthal, the current leader of the competition this year, took profits Thursday in IBM and bought Apple on its earnings dip. Lebenthal is up almost 13 percent in 2015.

Jon Najarian, who is also beating the market this year with his five-stock portfolio, sold EV Energy Partners and purchased Owens Corning.

Here's why Lebenthal thinks Apple shares could move higher: