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Apple ‘Entering Growth Purgatory’: Sacconaghi

A slowing of Apple's growth rate means "tremendous turnover in the shareholder base," Sanford Bernstein's Tony Sacconaghi said Tuesday on CNBC.

"Sentiment is extremely powerful," he said, adding that the momentum works in both directions. "The fear of numbers going down is what's making this shareholder base at Apple want to sell the stock."

On "Fast Money," Sacconaghi noted Apple's order cuts from its suppliers and said that was coloring investors' view of the stock.

Sacconaghi said that a transition was occurring in the stock, which had been historically owned by growth managers who were 1.3 times market weight. Now, those same managers are underweight.

"We have a stock that's entering growth purgatory. It stopped growing at 40, 50 percent a year. It's going to grow more like 10 or 15 percent a year. And when that happens, there's a tremendous turnover in the shareholder base."

Apple will continue to grow, just at a slower pace, and that will revalue the stock, Sacconaghi said.

"On average, according to our database, stocks underperform 25 to 30 percent while that turnover is happening," he added. "That's what's happening with Apple."

Trader disclosure: On Jan. 15, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long SWN; Joe Terranova is long XOM; Steve Weiss is long JPM; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long FB; Michael Murphy is long AAPL; Michael Murphy is long C; Michael Murphy is long TGT; Michael Murphy is long FB; Jon Najarian is long calls in MS; Jon Najarian is long calls in DELL; Jon Najarian is long calls in CLF; Jon Najarian is long calls in ARNA; Jon Najarian is long VVUS; Jon Najarian is long NE; Jon Najarian is long OREX;

For Toni Sacconaghi
Bernstein currently makes a market in the following companies DELL / Dell Inc.; Bernstein currently makes a market in the following companies AAPL / Apple Inc.

For Gregory Peteres
Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of PORTUGUESE REPUBLIC, REPUBLIC OF FRANCE, REPUBLIC OF KOREA, RUSSIAN FEDERATION; Within the last 12 months, Morgan Stanley has received compensation for investment banking services from HELLENIC REPUBLIC, ITALIAN REPUBLIC, PORTUGUESE REPUBLIC, REPUBLIC OF FRANCE, REPUBLIC OF KOREA, RUSSIAN FEDERATION; In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from HELLENIC REPUBLIC, ITALIAN REPUBLIC, KINGDOM OF SPAIN, PORTUGUESE REPUBLIC, REPUBLIC OF FRANCE, REPUBLIC OF KOREA, RUSSIAN FEDERATION; Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from HELLENIC REPUBLIC, ITALIAN REPUBLIC, KINGDOM OF SPAIN, PEOPLE'S BANK OF CHINA, PORTUGUESE REPUBLIC, REPUBLIC OF FRANCE, REPUBLIC OF KOREA, RUSSIAN FEDERATION; Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: HELLENIC REPUBLIC, ITALIAN REPUBLIC, KINGDOM OF SPAIN, PORTUGUESE REPUBLIC, REPUBLIC OF FRANCE, REPUBLIC OF KOREA, RUSSIAN FEDERATION; Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company: HELLENIC REPUBLIC, ITALIAN REPUBLIC, KINGDOM OF SPAIN, PEOPLE'S BANK OF CHINA, PORTUGUESE REPUBLIC, REPUBLIC OF FRANCE, REPUBLIC OF KOREA, RUSSIAN FEDERATION; Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of HELLENIC REPUBLIC, ITALIAN REPUBLIC, KINGDOM OF SPAIN, PORTUGUESE REPUBLIC, REPUBLIC OF FRANCE, REPUBLIC OF KOREA, RUSSIAN FEDERATION; Morgan Stanley Bank AG currently acts as a designated sponsor for the following securities: RUSSIAN FEDERATION.

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