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Apple's breakdown temporary: Halftime traders

Even though the broader stock market is trading around seven-week highs, one major stock is sitting on the sidelines. Apple is on track for its worst yearly performance since 2008.

The "Halftime Report" traders zeroed in on the iPhone maker.

"I think there is an ownership change as people have looked at this as a growth stock and realizing, 'No, it's a value stock,' and that's going to take some time to play out," said Jim Lebenthal, who is long Apple.

Pete Najarian, who also owns shares, acknowledged that there is a rotation underway but is still bullish on Apple long-term.

The stock has fallen by double-digits over the past six months.

Trader disclosure: On October 12, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders: Pete Najarian is long AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS, FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls ABX, AGN, BEE, ETFC, F, FL, GPRO, JOY, LM, LUK, MAS, MPEL, PBR, SWFT, UAL, VALE, VZ, ZIOP, he is long puts DISH, EWW, FCX, MRO, TNK, TSLA, X. Steve Weiss is long AAL, C, CDK, CVC, CYBX, FB, GILD, LULU, NCR, THC, TWTR. Jim Lebenthal is long AAPL, BA, C, CSCO, DCO, EEQ, GAIA, GM, IBM, INTC, JCP, MPC, OA, ORBC, PFE, QCOM, SJT, SPLS, TGT, TIF, TRN, WGO.

Morgan Stanley's Adam Parker:As of September 30, 2015, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Abbott Laboratories, Amazon.com Inc, American Express Company, Caterpillar Inc., J.P.Morgan Chase & Co., L Brands Inc, Lululemon Athletica Inc., MasterCard Inc. Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Abbott Laboratories, Allergan Plc, Amazon.com Inc, Bank of America, Capital One Financial Corporation, J.P.Morgan Chase & Co., Wal-Mart Stores Inc. Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Abbott Laboratories, Allergan Plc, Amazon.com Inc, American Express Company, Bank of America, Capital One Financial Corporation, J.P.Morgan Chase & Co., Johnson & Johnson, L Brands Inc, MasterCard Inc, Wal-Mart Stores Inc. Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Abbott Laboratories, Allergan Plc, Amazon.com Inc, Bank of America, Capital One Financial Corporation, J.P.Morgan Chase & Co., MasterCard Inc, Wal-Mart Stores Inc. In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Abbott Laboratories, Allergan Plc, Amazon.com Inc, American Express Company, Bank of America, Capital One Financial Corporation, Caterpillar Inc., J.P.Morgan Chase & Co., Johnson & Johnson, L Brands Inc, Lululemon Athletica Inc., MasterCard Inc, Ross Stores Inc., Wal-Mart Stores Inc, Williams-Sonoma Inc. Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Abbott Laboratories, Allergan Plc, American Express Company, Bank of America, Capital One Financial Corporation, Caterpillar Inc., J.P.Morgan Chase & Co., MasterCard Inc, Wal-Mart Stores 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: Abbott Laboratories, Allergan Plc, Amazon.com Inc, American Express Company, Bank of America, Capital One Financial Corporation, Caterpillar Inc., J.P.Morgan Chase & Co., Johnson & Johnson, L Brands Inc, Lululemon Athletica Inc., MasterCard Inc, Ross Stores Inc., Wal-Mart Stores Inc, Williams-Sonoma 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: Abbott Laboratories, Allergan Plc, Amazon.com Inc, American Express Company, Bank of America, Capital One Financial Corporation, Caterpillar Inc., J.P.Morgan Chase & Co., L Brands Inc, MasterCard Inc, Wal-Mart Stores Inc. Morgan Stanley & Co. LLC makes a market in the securities of Abbott Laboratories, Allergan Plc, Amazon.com Inc, American Express Company, Bank of America, Capital One Financial Corporation, Caterpillar Inc., J.P.Morgan Chase & Co., Johnson & Johnson, L Brands Inc, Lululemon Athletica Inc., MasterCard Inc, Ross Stores Inc., Wal-Mart Stores Inc, Williams-Sonoma Inc.