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O’Leary’s Change of Heart: Buys Apple

The Shark bites back in.

Almost a year after selling out of his Apple shares, Shark Tank Investor and O'Shares ETFs Chairman Kevin O'Leary has had change of heart.

"I'm now in the bull camp for Apple," he said on CNBC's "Halftime Report".


Apple now holds a 5% weighting in his O'Shares USA fund.

O'Leary's optimism stems from strength in Apple's services business.

"When you upgrade to the iPhone 7, iPhone 7 Plus, or the new operating system, you were pushed into a new data plan to service all the memory you are going to need…all of that pushes you to more cloud and more monthly charges," the Shark Tank Investor urged.

Apple shares will give you a 7% annual return for the next few years according to O'Leary.


—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly

Trader disclosure: On October 3, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Halftime Report" traders:

JOE TERRANOVA: Long ADBE, ALB, BBT, BLK, CTAS, DLTR, DPS, FB, FIS, FXY,ICE, NOC, ORCL, PSX, SHW, SJM, SKY, SLB, SLV, TJX, TMO, TXN, VMC, VRTS, VXX, VZ

STEPHANIE LINK: Long AAPL, AGN, AIG, AMZN, APC, APD, AVGO, BAC, BHI, CAG,CAT, CB, CIEN, CSCO, CVX, CXO, DOV, DOW, EL, ETFC, ESRX, FB, GOOG, GOOGL, GS,INTC, JPM, JWN, LLY, LOW, LPX, LRCX, M, MAT, MDLZ, MGM, MSFT, PANW, PG, PM,RTN, SLB, STI, SWK, TGT, UNH, UPS, URI, V, WBA, WBC, WFC, WLK, WMB, YUM, ZION

BARBARA DORAN: Long AGN, AMZN, AAPL, BRX, BX, CMG, CRM, FB, GOOG, HD, MDT,NFLX, NKE, PANW, PCLN, SBUX, V