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Is Now the Time to Buy Apple?

Apple shares were hammered Tuesday after the technology company reported a rare miss in quarterly results due to weak sales of its iPhone device. So should investors use this pullback as a buying opportunity?

Collin Gillis, an analyst at BGC, downgraded Apple’s stock to a ‘hold’ on Monday. At the time, Gillis said he would start buying the stock when it dropped below the $400 level. After Apple’s earnings miss, however, Gillis said he’s going to take his time before picking up more Apple shares. He wants to see how the current quarter shapes up, especially with increased competition from Amazon.com and Google .

While short-term traders may sell, trader Karen Finerman of Metropolitan Capital thinks Apple’s long-term story is still intact. Although her firm was quick to buy shares after-hours Tuesday, she would wait to see how things shake out for the Cupertino, Calif.-based company.

Trader Guy Adami would also wait before buying Apple’s stock. There are many macroeconomic events coming up that could take this stock for a ride, he explained. Wait to see how things shape up on Wednesday, he said.

Finally, Pete Najarian of optionMONSTER.com takes a different view. He recommends using every sell-off as an opportunity to buy more Apple shares.

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Trader disclosures for Oct. 18: PETE NAJARIAN: Najarian is long AAPL. Najarian is long C. Najarian is long MSFT. Najarian is long MS. Najarian is long INTC. Najarian is long YHOO. Najarian has long calls WFC. Najarian has long calls ETFC. GUY ADAMI: Adami Owns AGU. Adami Owns C. Adami Owns GS. Adami Owns INTC. Adami Owns MSFT. Adami Owns NUE. Adami Owns BTU. KAREN FINERMAN: Finerman owns AAPL. Finerman owns BAC. Finerman owns GOOG. Finerman owns JPM stock leaps & puts. Finerman’s firm owns AAPL short calls. Finerman’s firm owns MSFT. Finerman’s firm owns YHOO short calls. Finerman’s firm owns IBM short calls. JOE TERRANOVA: Terranova is long VRTS. Terranova is long LQD. Terranova is long MUB. Terranova is long FCX. Terranova is long TBT. Terranova is long OXY. Terranova is long GS. Terranova is long F. Terranova is long CAT. Terranova is long AXP. Terranova is long APC. Terranova is long EMC. Terranova is long AAPL. Terranova is long IBM. JJ KINAHAN: Kinahan is long GS. Kinahan is long INTC. Kinahan is long S&P. WHITNEY TILSON: Tilson is long BRK. Tilson is long C. Tilson is long GS. Tilson is long WFC. Tilson is long SNDK. Tilson is long JCP. Tilson is short GMCR.

COLIN GILLIS
No disclosures

MITCHELL PINHEIRO
Pinheiro owns GMCR
Janney Montgomery was a co-manager of GMCR public offering within last 12 months. Janney Montgomery has received compensation for investment banking services from GMCR in past 12 months. Janney Montgomery is market maker in GMCR.

LOUIS HSIEH
No disclosures

LARRY MCDONALD
No disclosures

MICHAEL WONG
No disclosures

CNBC.com with wires.

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