'Fast Money' Recap: Soured on Apple

NEW YORK (TheStreet) -- A new report from Morgan Stanley (MS) shows that institutional investors are getting out of Apple (AAPL), especially relative to the S&P 500, which closed at a record high Thursday.

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said with Apple closing at $527 Thursday, you can use $515 as your stop and you'll be happy.

Apple is not a broken company, said Tim Seymour, managing partner at Triogem Asset Management. This is a stalled growth stock. The company's loyal customers are there, just waiting for a new product that will drive revenue. From here, there's probably a 10% range you're trading this stock in.

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said he's owned Apple for years. Would he buy it now? He'd start adding to his position if it pushed back to the $495 area, but doesn't know that we'll see that kind of drop.

"I think you have a decent floor" to trade against with Apple, said Guy Adami, managing director of stockmonster.com. You're not going to get crushed, especially if you have the risk parameters in place.

Gene Munster, senior research analyst at Piper Jaffray, joined the panel to preview Friday's Apple shareholder meeting. Typically there's not a lot of news out of these investor meetings, Munster said. He expects it to be primarily a forum for small investors to air their grievances, likely about innovation (or lack thereof).

In the next six to 12 months, Munster said, he expects the stock to add about 10%. There is not much visibility on the longer-term growth story, he said, at least until questions on innovation are addressed.

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