Halftime Report

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Apple approaches record high: too late to buy?

Apple -- one of the most widely held and closely watched stocks -- hit a new 52-week high during Friday's trading session.

With the day's gains the stock is now less than 2% from its all time high of $134.54, which it hit back in April of 2015.

The stock's climb hasn't been without bumps. Slowing iPhone sales have led some analysts to declare "peak iPhone," and the company has missed revenue estimates in two of the past four quarters.

But there are still many believers.

Apple bulls argue that Trump's proposed repatriation policy will encourage the company to bring back its more than $200 billion in cash parked overseas. That money could be used, among other things, to increase the company's dividend or buy back shares.

Apple believers also point to the company's growing services revenue, which represents a shift away from the company's "hardware" classification.

In Apple's Q1 earnings report, services accounted for $7.2 billion of revenue, the "best quarter ever for services" according to CEO Tim Cook.

But as Apple flirts with record highs, is it too late to buy the stock? Is now the time to take profits?

Longtime Apple skeptic Steve Weiss bought Apple on Wednesday, and added to his position Friday.

On the "Halftime Report" he explained why he believes the stock's still got room to run.

Buy Apple near record high?

Steve Weiss, Jim Lebenthal, Josh Brown, and Pete Najarian own Apple stock.