Apple, Buy The Dip?
Shares of Apple have been sliding over the past several days, now down almost 10% since last week at this time.
The move lower comes about a month ahead of its annual Worldwide Developers Conference, an event at which it usually offers early looks at technologies under development.
This year's conference is highly anticipated with some tech bloggers writing that Apple could use the event as a platform to unveil its new iPhone model.
And the event could herald the return of Chief Executive Steve Jobs, who has been on medical leave.
However, late word suggests that Philip Schiller, Apple's vice president of worldwide product marketing, and not Jobs will be the keynote speaker at the conference. And recent reports from Wall Street suggest Apple intends to push back the iPhone launch.
What’s the trade?
Don't get spooked by the change in timing, counsels widely followed tech analyst Gene Munster of Piper Jaffray. I would own Apple on the pullback, he counsels.
I expect the new iPhone may be delayed slightly but will still hit the market at the end of June or the beginning of July, -- and if you’re an investor you want to be a part of it.
In case you’re wondering, Piper Jaffray has a buy rating on Apple with a $180 price target.
To see our entire interview with Gene Munster please watch the video to your left.
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Trader disclosure: On May 13th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (F), (WFC), (HRS), (TGT), (WFC), (SKF), (SDS); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AAPL), (BAC), (BX), (EEM), (FXI), (PBR), (TSL), (TSO); Seymour Is Short (NUE); Cortes Owns The Yen; Cortes Owns (GS)
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