NEW YORK (TheStreet) -- The Nasdaq declined 1% on Monday, but the technology focus was on Apple (AAPL), which hosted its annual Worldwide Developers Conference. The most talked about feature was Apple's new music service, but with the revenue potential so small many think Apple is simply creating the service to retain its customers.
While that certainly is a plus, it's probably not the sole reason, argued Colin Gillis, financial director of research and senior tech analyst at BGC Research. He reasoned that if that were the case, Apple wouldn't have created the service for Android devices. This shows the tech giant is indeed focused on the revenue.
The company's raging success with the iPhone dwarfs the revenue opportunities from any of the services Apple creates, Gillis explained. For shareholders, that's okay because it's encouraging to see the company continuously improving its users' experience.
Gillis has a hold rating and $115 price target. That sits well with Tim Seymour, who said investors should buy the stock between $118 and $110. Seymour, the managing partner of Triogem Asset Management, is currently long the stock and finds it's attractively valued.
Karen Finerman, president of Metropolitan Capital Advisors, is also long the stock. While "nothing really blew me away," she said it's not worth the trouble and tax consequences to sell the stock if investors plan on buying it back shortly after.
Shares of Apple seem to be consolidating near current levels and are likely to trade higher, said Guy Adami, managing director of stockmonster.com. Elsewhere in tech, he thinks Facebook (FB) should trade higher and IBM (IBM) will trade lower. As for the S&P 500, he believes the index is poised to bounce.
"There's certainly a little bit of concern out there" when it comes to technology, according to Pete Najarian, co-founder of optionmonster.com and trademonster.com. Specifically, he pointed out the weakness in semiconductor stocks. A pullback in the broader market is starting to become concerning, he added.