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Trading the Apple Dip

"If you don't own it right now, hold tight."

Shares of Apple fell today on news that the company is expected to cut iPhone production by about 30% this quarter. The "Halftime Report" experts discussed whether it's time to buy into this beaten down name.

Josh Brown, who is long the name, remains bullish. He argues that despite the stock's volatility, there are very few companies that sell at such a low multiple while simultaneously returning cash to shareholders.

Joe Terranova thinks the stock is technically broken, but that this sentiment will quickly be reversed once everyone falls back in love with it. His trade: if you own it, stay. If you don't, hold tight because it's not a buy yet.

Stephanie Link is waiting for the company's earnings in January before making a move. Link believes the stock will be a buy come April once Apple has gotten through its iPhone 6S inventory glut. Right now she thinks the better play is Cisco.

Jon Najarian traded out of Apple this morning, picking up short-term calls of Oracle instead.

Trader disclosure: On January 5, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Jon Najarian: Long calls ACHN, ALB, AMLP, ASNA, BWLD, KATE,KSS, LB, MDLZ, MSFT, ODP, ORCL, RGR, SWHC, TGT

Stephanie Link: Long AAPL, ACE, BAC, COST, CRM, CXO, DAL, DG,DLPH, EL, ESRX, GE, GILD, GOOG, GOOGL, INTC, JPM, LLY, LPX, LULU, MCD, MS,NXPI, PPG, PRU, QCOM, RHT, SBUX, SLB, SWK, SYF, TJX, UNH, URI, V, VFC, WBA,WFC, WHR, ZION

Josh Brown: Long AAPL, BABA, DE, DNKN, FB, JMBA, LOW,NFLX, SAM, SHAK, SPWR, TWTR, XLE, XON

Joe Terranova: Long VRTS