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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