On "Fast Money," the Mediatech Capital Partners managing partner also noted that the company had recently sold 3 million of its new iPad Mini tablet devices.
(Read More: Apple's 'Michael Jordan' Days May Be Over: Pro)
The declining stock price, he said, was "a reflection of the overall macroeconomic situation around the country and around the world."
Bibb countered the idea that shrinking margins were the case or that Apple was no longer an innovator following the death of founder and former CEO Steve Jobs.
"No product innovation, that's crazy," he said. "They've got a big, big innovation in Apple TV that is going to come out in 2013 that's going to be shaking up the whole cable and television world."
(Read More: Blame Today's Market on Draghi and Apple)
Paul Meeks of Saturna Capital also sounded positive on the Apple.
"You want this company to be an innovator," he said, adding that there was "a lot of angst" over its products.
(Watch: Trading Apple in a Bear Market)
"I like the fact that the company's innovating, and I think there is after this downside — which I think is really exaggerated — that there should be a nice recovery in the name, particularly if you take a look at this long-term," he said. "You can't really worry about what happens in the short-term."
Trader disclosure: On Nov. 8, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long SBUX; Stephanie Link is long GE; Stephanie Link is long CAT; Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Joe Terranova is long GLW; Stephen Weiss is long QCOM; Stephen Weiss is long BAC; Stephen Weiss is long C ; Stephen Weiss is long JPM; Stephen Weiss is long AIG; Stephen Weiss is short QCOM calls; Joshua Brown is long AAPL.
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