As the U.S. market continues to flirt with record highs, Apple (AAPL)’s stock price keeps declining.
Since printing the tape at an all-time-high of $705.07 during the day on Sept. 21, Apple shares have plunged more than 35% to its current price of $453, erasing a staggering $235 billion in market value. So, is it time to buy the stock?
Joe Terranova of ‘Virtus Investment Partners’ tells CNBC he is a buyer.
“With the overall sentiment in the market being good, technology being good, I’m adding to Apple right now, doing it a little bit through the options market,” he said. “And I think longer-term, that is the right trade to make.”
OptionMonster’s Peter Najarian, disagrees.
“The time isn’t yet,” he said. “[Apple] has been a broken stock for a while now and until….they start to get some of [their] products actually working out in China, when they start to get to the phone market out there, that’s when we start to see Apple [moving] back up to the upside…”
Najarian also said there were better trades available in the market, noting that the Financial Select Sector SPDR (XLF) has performed “extremely well,” as has stock in insurance companies, such as American Int’l Group, Inc (AIG).
“They will continue to perform,” he said.