‘Stay Away From Apple’: Pete Najarian
Online Producer
Forget the "fascination" with buying the bottom in Apple stock, OptionMonster's Pete Najarian said Friday.
"Everybody's had this fascination that they want to buy the bottom in Apple," he said. "That's not necessarily how you should be approaching this right now."
On CNBC's "Fast Money," he said that there were other stocks with more potential.
"Research In Motion has been on this path to the upside for a while now, and so has Nokia," he said, noting that China Mobile carries phones made by Nokia.
While Najarian said that he expected Apple to post a positive quarterly earnings report next week, it was not enough to get him into the trade.
"I think their earnings are going to be extremely strong, but then what?" he said. "I think you've got to look a little further out and say, 'This is going to be a second-half-of-the-year story for Apple.'"
Joe Terranova of Virtus Investment Partners agreed.
"I think they have to be very, very strong earnings," he said, while encouraging investors not to time the market with Apple. "You keep it as an investment."
Terranova said that Apple was a stock that would play out over a longer term.
"I think much of the unfolding story for Apple that's going to be known is a story tht's going to evolve in the second half of the year. Apple may just move sideways. It could move lower if earnings do miss," he said.
Another potential headwind for the stock lies in a potential correction in the S&P 500, Terranova added.
"If you did correct that correction, that really places Apple in a vulnerable place," he said.
"Just own it. Don't trade it."
Trader disclosure: On Jan. 18, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long SCCO; Steve Weiss is long CNX; Steve Weiss is long RIMM; Steve Weiss is long T; Jon Najarian is long MS CALL SPREADS; Jon Najarian is long AMAT CALL SPREADS; Jon Najarian is long ATE; Jon Najarian is long NANO; Jon Najarian is long TWI CALL SPREADS; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long GS CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long RIMM; Pete Najarian is long SBUX; Pete Najarian is long SBUX CALLS; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long GE; Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long AXP; Joe Terranova is long MS; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long MMM; Joe Terranova is long SWN; Joe Terranova is long XOM.
