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‘I’d rather hold my nose’ and buy Apple

Apple stock remains attractive, even as it soared past the $500-per-share mark Wednesday, Kevin Landis of First Hand Technology Funds said.

"It's great for the tape, and if you're a short-term trader this gives you a good chance to take profits, but I think that's a temptation to be resisted because this is a great company with a lot of growth ahead of it," he said.

"We're not in any rush to take profits here."

On CNBC's "Fast Money," Landis said that Apple stock was still reasonably priced.

(Read more: Apple shares cross $500 after Icahn, Cooperman take stakes)

"It's funny," he added. "There are some great growth stories out there, like LinkedIn or Netflix or Salesforce, that are horrendously expensive. And then there are other companies out there that are great bargains that just aren't growing.

"For me, as a tech investor, I like to pay a reasonable price for something that's growing. There aren't too many companies that fit that narrow definition. Apple's one of them," Landis said. "I'd rather hold my nose and pay up for growth than buy something that's just been, I guess, becalmed or has plateaued and really isn't going anywhere."

Landis's top 10 holdings are Apple, Amazon.com, Google, Qualcomm, Tencent Holdings, ARM Holdings, Equinix, VMware, Baidu and Akamai.

(Read more: 'I'm incredibly bullish' on tech sector: Joe Terranova)

Landis said that he was looking forward to the company's expected product launch next month.

Landis noted that there had been disappointing technology product launches this year, citing the the BlackBerry Z10 and the Microsoft Surface.

"You really need to have something that's really got a 'wow' factor to it," he said.

Apple reportedly will include a scratchproof sapphire home button and a fingerprint security sensor on the next iteration of its iPhone, according to various news reports.

(Read more: Carl Icahn's effect on Apple: Traders weigh in)

Landis said that Apple could potentially take over entire product sectors, much the way the netbook category was "wiped out by the iPad."

"There's no reason why they can't come out with a low-cost phone," he added.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 14, 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 GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Joe Terranova is long SBUX; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long LTD; Joe Terranova is long CAT; Simon Baker is long AAPL ; Simon Baker is long BAC; Simon Baker is long GS; Simon Baker is long CSCO; Simon Baker is long SBUX; Simon Baker is long ORCL; Simon Baker is long DAL; Simon Baker is long P; Simon Baker is long F; Simon Baker is long GOOG; Stephen Weiss is long C; Stephen Weiss is long AAMRQ; Stephen Weiss is long DAL; Stephen Weiss is long BAC; Stephen Weiss is long M; Stephen Weiss is long QCOM; Stephen Weiss is short JCP; Stephen Weiss is short CAT; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MRK; Pete Najarian is long DAL; Pete Najarian is long F; Pete Najarian is long BMY; Pete Najarian is long NSC; Pete Najarian is long COP; Pete Najarian is long MU; Pete Najarian is long EMC.

Symbol
Price
 
Change
%Change
AMZN
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GOOGL
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QCOM
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700
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EQIX
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VMW
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BIDU
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AKAM
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AAPL
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