Shares of Apple are higher on Monday after billionaire investor Warren Buffett increased his stake in the company. But not everyone shares Buffett's view.
Ernie Cecilia, chief investment officer of Bryn Mawr Trust, tells CNBC's "Power Lunch" he is reducing his position in Apple.
"The stock may be in neutral until September and the hope that new product launches will drive growth. Valuation is not extended but growth is slowing," Cecilia said.
"We see banks, in particular, to be attractively valued with improved balance sheets. However, we see torpid corporate loan demand and a dovish Fed as reasons not to [have] exposure," Cecilia said.
Apple, financials and energy are higher during trading, with Apple up more than 3 percent.