Apple is Stock You ‘Have To’ Own: Market Pro
Apple shares spiked Thursday after a number of analysts raised their estimates for iPhone shipments in the fourth quarter. But the “Fast Money” pros were divided over whether the stock was a buy.
Trutina Financial’s Patty Edwards wants to own it. While many have focused recently on competition from Amazon’s Kindle sales, she thinks the tablet market is so big that Apple will do just fine.
Plus, she said, there is buzz on the Street over what the next “it” is that Steve Jobs was working on for Apple TV.
“I think Apple is one of those stocks you have to own because if ‘it’ is really big then you have to be there,” Edwards said.
However, she thinks since the stock is so big, it's going to take a lot to move it.
"I think you’re going to get your alpha in terms of technology out of other stocks," Edwards said.
(Related: Analyst Bullish on Amazon, Apple for 2012)
Veracruz’s Steve Cortes said as long as Apple stays below $400, he’s betting on the short side.
“It has really underperformed the market for several months,” he said. “I don’t have fundamental problems with their products. To me, it’s the price action of the stock.”
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Trader disclosure: On Dec 8, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami owns C; Adami owns GS; Adami owns MSFT; Adami owns INTC; Adami owns AGU; Adami owns NUC; Adami owns BTU; Najarian has long call spreads AAPL; Najarian has long call spreads MSFT; Najarian has long call spreads IBM; Najarian has long call spreads MCD; Najarian has long call spreads HAL; Najarian has long call spreads RIG; Najarian has long call spreads CAT; Najarian is long CIGX; Najarian is long CME; Najarian is long CBOE; Kelly is long Euro; Kelly is long Italian bonds; Kelly is long IWM
For Patty Edwards
Trutina Financial is long GLD
Trutina Financial is long MCD
Trutina Financial is long COST
Trutina Financial is long CME
Trutina Financial is long INTC
Trutina Financial is long AMZN
Trutina Financial is long AAPL
Trutina Financial is long HAL
For Tom Ajamie
For Tim Butler
CNBC.com with wires.