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Top trader Lebenthal buys into Apple rally

Jim Lebenthal
Scott Mlyn | CNBC

CNBC "Halftime Report " trader Jim Lebenthal purchased shares of Apple on Friday for his model portfolio. The iPhone maker is up about 7 percent on the week, cutting its loss on the year to below 2 percent.

In other model portfolio moves, Joe Terranova trimmed his positions in Pioneer Natural Resources and Concho Resources.

Watch the video below to find out why Lebenthal is bullish on Apple.