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Is bearish Apple a buy? Traders weigh in

Tim Cook calms investors
VIDEO2:5002:50
Tim Cook calms investors

Amidst a two-day selling spree in the stock market, losses from tight-lipped tech giant Apple have been front and center. That has created chatter on whether global concerns about China, a major consumer market, should hamper the iPhone maker.

Despite China's weak recent economic data, two traders both recommend buying Apple's stock, based on promise for its flagship product, the iPhone.

"Watching the market action is like watching a tale told by an idiot. I can't tell you what's going on today," Channing Smith, managing director and co-portfolio manager and Capital Advisors, said Monday on CNBC's "Power Lunch." "What I can tell you is that there's value in that stock. If you look at earnings visability, Apple has it. "

After a rough Friday, Apple's stock was a hot potato again Monday, plunging down to $94 and peaking at $108 over the course of the day, against the backdrop of billions of shares changing hands over a range of 4,100 points on the Dow Jones industrial average.

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Apple CEO Tim Cook said Apple has seen strong growth in China in June and July, in an email sent to CNBC's Jim Cramer. That failed to assuage some investors, such as IronFire Capital's Eric Jackson, who said Cook's email indicated that the CEO "is very concerned about his stock price," in a column on TheStreet.com.

But Brian White, analyst at financial services firm Cantor Fitzgerald, said Monday's Apple selloff got to the point of "irrational pessimism."

"Apple has to keep that buzz going in China because that's also good for the business," White said on CNBC's "Power Lunch" Monday. "I was shocked by the number of iPhones 6 and 6 Plus that we saw out there, and we know penetration is very low in China."

Read MoreCramer: We should focus on Apple

An Apple Store in Tianjin, China.
Getty Images

While iPhone sales have increased in China, Apple has fallen to third place for market share, behind Huawei and Xiaomi, according to research firm Canalys. But China has been a growth market for Apple, said Smith.

Apple's fiscal third-quarter sales in China increased 112 percent year over year, according to the company's earnings report. But Smith said that while China is an important market, Cook's remarks calmed fears about Apple's performance there.

"We just don't believe this weakness in China means we're going to see weakness in the U.S.," Smith said.

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Smith said he sees the iPhone as more of a necessity than a discretionary product for consumers, meaning he expects continued sales and upgrades of the iPhone 6 and 6 Plus, released last year.

Smith sees Monday's volatility as a "shallow correction, adding that he thought Apple, which is due to release a new iPhone 6s this fall, was "a great valuation opportunity."

Shares of Apple closed down 2.5 percent at $103.12, trading up 0.87 percent in after-hours trading.

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Disclosure: Brian White does not own shares of Apple, nor does his family. But Apple is an investment banking client of Cantor Fitzgerald, and Cantor Fitzgerald or an affiliate is a market maker for the stock. Channing Smith owns shares of Apple.