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Hey, Don’t Forget about Apple

With so much attention on Facebook, you might not have noticed what’s happened with Apple.

Shares of Apple have declined 13% over the past month, with the company paring more than $100 billion in market cap.

Is the decline the sign of greater trouble or the buying opportunity you’ve been waiting for.

Trader Joe Terranova sees it as an opportunity. “I went long Apple at $534 and intend to l own it for the remainder of the year,” he says.

Terranova likes the earnings growth potential. “And you’re getting paid a dividend,” he adds

Trader Keith McCullough agrees that the stock is oversold.

However, he’s concerned that with the market facing headwinds broadly, Apple may be challenged. “Watch what happens if the stock climbs up to $560 – if it can’t get above that level, I’m out.”

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NEW SLIDESHOW: The Facebook IPO: A Fast Money Primer

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Posted by CNBC's Lee Brodie



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Trader disclosure: On May 17, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Mike Murphy is long TGT; Mike Murphy is long ANF; Mike Murphy is long SBUX; Mike Murphy is long FCX; Mike Murphy is long PEP; Mike Murphy is short GPS; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long SBUX; Joe Terranova is long SJM; Joe Terranova is long UPL; Joe Terranova is long AAPL; Joe Terranova is long HPQ; Joe Terranova is long LQD; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA; Jim Iuorio is long C; Jim Iuorio is long GLD; Jim Iuorio is short GS

For James Altucher
Nothing to disclose

For Hans Olsen
Nothing to disclose

For Sam Schwerin
Millenium Has A Roughly $200m Stake In Facebook

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