Institutional investors fleeing Apple only start to matter if the growth starts to inch up, because then buy-side investors need to overweight, Munster said. The tone among investors he's talked to has been that they're underweight and don't want to get caught if Apple starts to take off. There is money on the sidelines for Apple, waiting for optimistic signs.
Google (GOOG) is fairly valued at $1,219, where it closed Thursday, Seymour said. It's one of the greatest companies in the world, and he'd love to own it at $200 cheaper but not when it's trading at 30-times earnings.
The downside in trading Apple is probably $15 to $20 max, Adami said. You know the company will be out there buying back stock, and Carl Icahn or George Soros could throw a headline out there at any time to get the stock moving, he added. Catalysts are positive.
It's time for Apple to use its cash for more than buying back shares, said Najarian. It's time to make some meaningful supply chain acquisitions.
Najarian said he's baffled as to why the guidance has been so poor on Deckers Outdoor (DECK), which dropped after-hours upon the release of first-quarter guidance. This is a company that has been absolutely killing it.
Best Buy (BBY) had an EPS beat and a revenue miss in the fourth quarter, a strange brew, said Adami. You can own Best Buy here at $25.50, trade it at $25, and after Thursday's huge volume day, a lot of people have been flushed out.
J.C. Penney (JCP), on the other hand, is still on a very defined downtrend, Adami said. It had a monster day Thursday, up 25% to close at $7.47, but the downtrend needs to break through $8.50 before it's a buy.
'Fast Money' Recap: Soured on Apple
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