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Trading The iPhone Frenzy

Apple announced the introduction of a new iPhone with faster Internet access and GPS capabilities. Is the stock a buy on the headline?

Chief Executive Steve Jobs showed the new phone at the company's developers' conference in San Francisco; an 8 gigabyte model is to sell for $199 starting July 11th. A 16 gigabyte model will cost $299. They'll come in a black case with a white case optional on one model. The devices are to roll out initially in 22 countries.

Despite the excitement surrounding the release shares of Apple stock dropped about 3%. “I think Apple already had a tremendous run into the developers conference so I’m not surprised to see the stock lower today,” says Pete Najarian on CNBC’s “Closing Bell.”

“Typically a new product release has an impact on Apple stock over several days," he explains. "Plan to track its movement all week.”

How are you playing it?

“I’m long Apple and have no plans of selling my position anytime soon,” Najarian says. “I think it’s cheap!”

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