Concerns over demand for the new iPhone 4Ssent Apple shares sliding Wednesday, but Fast trader Steve Cortes sees another reason for the stock’s performance.
“For the last three weeks this stock has traded at $400,” he said. “It frankly has been incredibly boring over the last several weeks. I think it is a sign that Apple is losing momentum.”
The reason, Cortes added, is because Apple has become so big.
“The law of large numbers is starting to become a very large hurdle for Apple,” he said.
As long as it is below $410, the Fast pro said he’s staying short.
While trader Pete Najarian agrees the stock has “flatlined” over the last month, he sees room for growth in the PC market share since the tech titan only has a “fractional” piece of it with the MAC.
Jefferies analyst Peter Misek is also bullish on Apple. He dismissed the Digitimes report that said Apple is telling part suppliers to delay some of their shipments until the early part of next year.
“It’s a killer,” he said. “We think its going to absolutely crush it in Q4.”
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Trader disclosure: On November 9, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Najarian is long AAPL; Najarian is long AKS calls; Najarian is long C; Najarian is long WFC calls; Najarian is long MS; Najarian is long INTC; Najarian is long YHOO; Najarian is long X calls; Najarian is long HPQ; Najarian is long MSFT; Cortes is long SO; Cortes is long WMT; Cortes is long DNKN; Cortes is long Treasuries; Cortes is short AAPL; Cortes is short XRT; Cortes is short STD; Cortes is short DB; Cortes is short EURO; Cortes is short GOLD
For Brian Kelly
Shelter Harbor Capital is long oil
Shelter Harbor Capital is long TLT
Shelter Harbor Capital is long German bunds
Shelter Harbor Capital is long JJG
Shelter Harbor Capital is long MOO
Shelter Harbor Capital is long VLO
Shelter Harbor Capital is short Eurostoxx futures
Shelter Harbor Capital is short Copper
Shelter Harbor Capital is short CAD
For Peter Misek
Jefferies & Company, Inc makes a market in the securities or ADRs of Apple Inc.
For Bill Chappell
The following companies are clients of SunTrust Robinson Humphrey, Inc. and the firm has received or is entitled to receive compensation for investment banking services involving their securities within the last 12 months: Green Mountain Coffee Roasters, Inc. The following companies are clients of SunTrust Robinson Humphrey, Inc. and the firm has received compensation for non-investment banking services within the last 12 months: Green Mountain Coffee Roasters, Inc. An affiliate of SunTrust Robinson Humphrey, Inc. has received compensation for products or services other than investment banking services from the following companies within the last 12 months: Green Mountain Coffee Roasters, Inc.
For Nikos Theodosopoulous
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For Michelle Clark
The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Michelle Clark.
Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Kohl's, Nordstrom. Within the last 12 months, Morgan Stanley has received compensation for investment banking services from J.C. Penney Co., Kohl's, Macy's Inc., Nordstrom, Saks Inc.. In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Kohl's, Nordstrom, Saks Inc.. Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from J.C. Penney Co., Kohl's, Macy's Inc., Nordstrom, Saks Inc.. Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: J.C. Penney Co., Kohl's, Macy's Inc., Nordstrom, Saks Inc.. Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company: J.C. Penney Co., Kohl's, Macy's Inc., Nordstrom, Saks Inc.. An employee, director or consultant of Morgan Stanley is a director of Macy's Inc.. This person is not a research analyst or a member of a research analyst's household. Morgan Stanley & Co. LLC makes a market in the securities of J.C. Penney Co., Kohl's, Macy's Inc., Nordstrom, Saks Inc.. The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity and specialized trading, risk arbitrage and other proprietary trading, fund management, commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in Morgan Stanley Research on a principal basis. Morgan Stanley may have a position in the debt of the Company or instruments discussed in this report. Certain disclosures listed above are also for compliance with applicable regulations in non-US jurisdictions.
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