Why I’m Still Long Apple: Grasso

The increased chances of Apple returning some of its $137.1 billion in cash to shareholders makes the stock attractive, Stuart Frankel's Steve Grasso said Friday on CNBC.

"It's been on everyone's mind about where this cash is going to be allocated to," he said, adding that investors were unlikely to sell the stock before Apple's annual investor meeting on Feb. 27.

On "Fast Money," Grasso noted that Apple's stock price "jumped" from the $435 per share level in the last week of January.

"People want to know where it's going. People are excited about it. And you're not going to sell the stock ahead of that meeting. You're not going to sell the stock until you find out: Buyback, dividend, what the story is," he said.

Apple stock traded around $475 per share midday.

The company's cash balance was thrust into the spotlight after Greenlight Capital founder David Einhorn said this week on CNBC that Apple has a "cash problem" and sought to force the tech giant's hand in returning some of it to shareholders, whether in the form of preferred stock or an increased dividend.

(Read More: Apple? Einhorn Just Doesn't Get It: Cramer)

"Goldman said it: There's a bunch of different opportunities," Grasso added. "They don't want to do the preferred, there are still a lot of other tools in their arsenal."

Grasso said that he disagreed with the note put out by Goldman Sachs.

"I think that people are a little frustrated with roll-outs of iPhones, where you feel, 'I just bought one. What's the incentive for me to buy this new one?' So I don't necessarily agree with Goldman's note that a quicker product cycle will help. More products will help, but we've seen that already," he said.

"I think all the hoopla is, right now, dividends, buybacks, end of story. Technical bounce in the story, I'm still long it."

Trader disclosure: On Feb. 8, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long QCOM; Stephen Weiss is long TBF; Stephen Weiss is long CNX; Stephen Weiss is long WLT; Jon Najarian is short AAPL Puts; Jon Najarian is long BBRY LONG CALL SPREADS; Jon Najarian is long GOOG CALL SPREADS; Jon Najarian is long ATVI ; Jon Najarian is short CSTR puts; Jon Najarian is long MCD, SHORT CALLS; Jon Najarian is long MPEL; Jon Najarian is long MPEL CALLS; Jon Najarian is long AVGO; Jon Najarian is long AVGO CALLS; Josh Brown is long AAPL; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long MCD.