Gundlach says sell Apple; McNamee disagrees

Gundlach's outlook on CMG & APPL

If there's one thing stock market observers are likely to have an opinion on, it's Apple. And on Tuesday, as Apple watchers eagerly awaited its product announcements, nobody could agree on how to trade its stock.

Money manager Jeffrey Gundlach, who appeared on "Squawk on the Street" before the tech company unveiled the iPhone 6 and iPhone 6 Plus, threw cold water on Apple's stock.

Read MoreApple introducesiPhone 6, iPhone 6 Plus

"It's overbelieved. They have tremendous optimistic guidance. People love it. The innovation has been, what I even prediction facetiously back in 2012, [with] tutti frutti colors as if that's any kind of innovation. Slightly bigger screens," said Gundlach, CEO of DoubleLine Capital.

"Yes, they're doing fairly well and they're bullish about their new rollout, but I think that's priced into the stock. I don't think I would buy it. I would sell it."

McNamee's bullish Apple outlook

Roger McNamee, an Apple investor and founder of Elevation Partners, said the stock is "appropriately priced," even as its highs.

"It is still relatively inexpensive compared to the S&P 500 and it's at the beginning of a product cycle. If you don't like Apple's stock here, it's hard to like the S&P 500," McNamee said on "Squawk Alley."

"I think, fundamentally speaking, the odds favor Apple over the next 12 months. Over the next few days? Who knows? Who cares? I mean, if it goes down, it's a buying opportunity. Not a selling opportunity."

—By CNBC's Drew Sandholm.