Stuart Frankel’s Steve Grasso estimated the stock had more downward mobility, but Apple prices still offered value. As a trader who watches the charts, Grasso says the recent technical break leaves to door open to $360.
“If you believe macro headwinds still exist — if they do — maybe you want to sit on your hands or scale-buy it on the way down. I know Pete’s not saying put your neck out on the line and buy it all at once, but it’d be a good spot to enter,” he said. ”I think it’s going lower, though.”
Stephen Weiss of Short Hills Capital noted great potential in the growth of Apple’s iPhone for businesses.
“What the market’s not focusing is that they’re making strides in the Enterprise sector,” he said. “More and more CEOs I talk to, including some at big companies, are saying they’re starting to give employees of choice of whether they want to go with Apple or they want to go with RIM. I own RIM, so I’m not happy about that, but that opens up a huge, huge market for Apple that they really haven’t gotten to,” he said.
(Related Story: Apple Co-Founder Wozniak ID’s Top Internet Trend of Future)
“Apple may trade down to $360, $350 (in the short term) but over the next year or so, it’s going to be a great stock.”
River Twice Research’s Zachary Karabell was cautiously optimistic on Apple.
Although Apple’s market capitalization hit $337.2 billion in August, briefly topping Exxon Mobile to make it the world’s largest company, he said some bumps in the road were expected.
“It’s not going to just expand ineluctably in a glide path to a future market cap of a trillion dollars,” he said. “You’ve got to keep your eye on: Great company, going to have to have some choppy waters for the stock.”
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Trader disclosure: On November 14, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Najarian is long AAPL; Najarian is long C; Najarian is long WFC; Najarian is long MS; Najarian is long INTC; Najarian is long YHOO; Najarian is long WFT calls; Najarian is long GE; Najarian is long GRPN; Weiss owns WLP; Weiss owns RIG; Weiss owns UO; Weiss owns MOS; Weiss owns SPY puts; Weiss is short TCK; Weiss owns RIMM; Weiss owns HPQ; Weiss owns WLT; Dicker owns Apache
For Steve Grasso
Stuart Frankel & Co and its partners own CSCO
Stuart Frankel & Co and its partners own CUBA
Stuart Frankel & Co and its partners own GERN
Stuart Frankel & Co and its partners own HPQ
Stuart Frankel & Co and its partners own HSPO
Stuart Frankel & Co and its partners own MET
Stuart Frankel & Co and its partners own MU
Stuart Frankel & Co and its partners own NYX
Stuart Frankel & Co and its partners own PRST
Stuart Frankel & Co and its partners own XRX
For Zach Karabell
Rivertwice has short puts AAPL
For Liz Dunn
CNBC.com with wires.