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Buy the Tech Dip: Expert

2015 was the year of the tech darlings as names like Netflix, Amazon, and Facebook all rallied double-digits. But the darlings might have lost their fire. With the sector down 11% just two months into the new year, investors are already wondering if 2016 will be a different story entirely.

Veteran tech investor Paul Meeks sees a different story. Today on the "Halftime Report" he discussed why he's buying the dip.

Overall, Meeks is buying the sector because he believes the fundamentals have not changed. The pull-back that we're currently seeing is a contraction of valuation multiples, and in a year these names will bounce back, argues Meeks.

After managing Merrill Lynch's internet strategy fund at the height of the dot-com bubble, Meeks does not think a repeat is in sight. The main difference? Business models. "Back then there were were a number of very small emerging companies that didn't have worthy business models," Meeks pointed out. In contrast, he believes companies like LinkedIn and Microsoft will be "longstanding" and do "quite well."

In terms of the F.A.N.G. names (Facebook, Amazon, Netflix, and Google), he remains bullish on all except Netflix.

Joe Terranova isn't sold on the tech sector. He thinks coming into the year fund managers loaded up on tech names to the point that it was "over-owned." But now, as portfolio managers try to lighten their books, they're selling tech stocks. As Terranova argues, "I think it's a mean reversion for the space."

Stephanie Link believes that we are currently seeing more value from growth names such as IBM and Oracle. She suggests loading up on some growth and some value, and to be "very disciplined" on valuation.

While Pete Najarian thinks there were some impressive tech earnings--from Facebook and Google in particular--he's not a buyer just yet.

Trader disclosure: On February 9, 2016 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: Long AAPL, BAC, BKE, BMY, DIS,DISCA, GE, KMI, KO, MRK, PEP, PFE, VIAB. Long calls AA, AAL, BHP, BX,CHS, DAL, EEM, GDX, GE, HAIN, HBAN, LB, LC, MCD, MSFT, MTG, NRF, SLV, SWN, UAL,WEN, WMB, WYNN, YDKN. Long puts DB, FCX, MRO, MS, RIG

Jon Najarian: Long ABX, GDX, GDXJ. Long calls BWLD, HOG, JNJ, MCD, MDLZ, MSFT, NEM, NBR, OAS, RCL, STO, SWHC, TWX, WEN

Stephanie Link: Long AAPL, ACE, AVGO, BAC, CCL,COST, CRM, CVX, DAL, DLPH, DOW, EL, ESRX, GILD, GOOG, GOOGL, INTC, JPM, LLY,LPX, LRCX, LULU, MCD, MS, PF, PG, PH, PPG, PRU, QCOM, RHT, SBUX, SLB, SWK, SYF,TJX, UNH, URI, V, WFC, WHR, WMT

Joe Terranova: Long VRTS