On Thursday pros were talking about Apple and what was happening with the new iPhone 5 after reports out of China suggested the device would be delayed.
According to the report, the problem was triggered by a shortage of high end chips.
However, on CNBC’s Fast Money Halftime Report, Piper Jaffray analyst Gene Munster tells us "there's little if any credibility to that report."
According to Munster's latest channel checks, "it is going to ship and it is going to be on time." The iPhone5 will hit shelves right on schedule - which is believed to be during the first couple weeks of October. “That hasn’t changed,” he insists.
But that’s not to say Munster doesn’t see any relevant takeaway in the report. He does.
Munster is concerned that the China report is really a sign that Apple won’t have enough new iPhones to meet demand. "That's the question here. How much supply are they going to have to address demand?"
“For the first few weeks we think supplies will be tight,” he adds. “Apple has a history of not being able to supply on a big launch.”
If you want a new iPhone 5, that means you'll have to be numble.
But what about if you own the stock, what does it mean, then?
Munster says that it's bullish providing that Apple can ramp up inventory to meet demand into December and the holiday shopping season. Only if that doesn’t happen, does Munster see cause for concern.
At the end of the day, he thinks the path of least resistance remains higher. "I see a lot of opportunity for Apple and this is a good time to own the stock."
Strategic investor Dennis Gartman, however, sees it a little differently. He doesn't like the recent price action. On a day when the Nasdaq was up almost 1%, Apple was trading in the red. “If you’re an Apple shareholder you’ve got to be very concerned about what’s happening here,” Gartman says.
Posted by CNBC's Lee Brodie
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Trader disclosure: On July 26, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Link is long (AAPL); Link is long (JPM); Link is long (WFC); Link is long (MCD); Weiss is short (AAPL) puts; Weiss is long (T); Weiss is long (VZ); Weiss is short (JCP); Weiss is long (QCOM); Weiss is short (AKS); Weiss is short (X)
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Piper Jaffray usually provides bids and offers for the securities of Sprint Nextel Corp. and will, from time to time, buy and sell Sprint Nextel Corp. securities on a principal basis.
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For Gene Munster
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