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Power Play: Overestimating China's slowdown

Pedestrians shopping on Nanjing Road in China
Karl Johaentges | LOOK-foto | Getty Images

Stocks and oil are getting crushed as the Shanghai Composite dropped more than 3 percent on Friday.

Investors appear to be selling everything on concerns that weakness in China will lead to a global slowdown, but Nancy Tengler, chief investment officer of Heartland Financial, tells CNBC's "Power Lunch" this is not the time to panic.

Read More Why a China slowdown will not hurt that much

"While we acknowledge the slowdown in global economic growth, we think investors may be overestimating the slowdown in China's economy and may be underestimating the potential weakness in Chinese consumer spending this year," Tengler said.

She believes many U.S. companies are still betting on China for future growth.

"The management teams at Starbucks and Apple continue to make big investments in China. Starbucks expects China to surpass the U.S. as its largest market by 2019, " Tengler said.

She owns Apple and the stock is down 9 percent over the past year.