“Puts are cheap enough,” Terranova offered.
Colin Gillis, an analyst at BGC Financial, maintained a “hold” rating on the stock and said he would review his price target of $450 per share.
Gillis noted increasing competition from Samsung in the smartphone and tablet markets, Google’s acquisition of Motorola Mobility and Amazon’s popular Kindle platform as challenges for Apple.
Plus, there was the issue of cash reserves.
“That cash on the balance sheet is more than any company in their right mind could ever possibly deploy, so it’s got to come back at some point via dividends or stock buybacks, and I think most people know that.”
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Trader disclosure: On Jan. 24, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Guy is long Citigroup; Guy is long (GS); Guy is long (INTC); Guy is long (AGU); Guy is long (MSFT); Guy is long (NUE); Guy is long (BTU); Karen is long (JPM); Karen is long (BAC); Karen is long (PLCM); Karen is long (IBM);
For Karen Finerman
Karen’s fund is long (AAPL)
Karen’s fund is long (JPM)
Karen’s fund is long (PLCM)
Karen’s fund is short (SPY)
Karen’s fund is short (MDY)
For Keith McCullough
No disclosures received
For Mike Khouw
No Disclosures received
For Colin Gillis, BGC Financial
For Michael Burns, Lionsgate
For Don Bubar, Avalon Rare Metals
For Matt Hougan, Index Universe
CNBC.com with wires.