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Apple Stock ‘Needs to Prove Itself’: Pro

Monday, 29 Apr 2013 | 5:25 PM ET
Apple Stock 'Needs to Prove Itself': Pro
Monday, 29 Apr 2013 | 5:01 PM ET
As Apple shares close higher, StockMonster's Guy Adami explains what will get him back into the stock.

As Apple shares closed higher Monday, StockMonster's Guy Adami explained what will get him back into the stock.

"It gave you a head-fake because you had that initial pop after earnings, but here at $430 or so – I hate to be wishy-washy on this one – now it's got to prove itself," he said. "I think it's got to close above $450 in a somewhat meaningful way over a couple of days or so for me to get interested once again."

Apple stock closed up 3.1 percent at $430.12 per share.

On CNBC's "Fast Money," OptionMonster's Pete Najarian said that Apple's announced stock repurchase plan was positive.

"That's something that definitely supports the stock from the downside," he said. "I think any move toward $400 you've got your put in place right now because I think the company steps in and buys the stock."

Tim Seymour of EmergingMoney.com said that finding the bottom in gross margins was the important factor, calling Apple shares a $505 stock.

"You have to have an entrance here. Your entrance is above $420. As long as it holds there, you're in good shape," Stuart Frankel's Steve Grasso said. "I don't think the headwinds are completely out of the way, but I think it's tradable. I think you ride this thing back up to $500."

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