NEW YORK (TheStreet) - While the Nasdaq is down roughly 1% and the S&P 500 has declined nearly 0.6% in Monday's trading session, the focus remains on Apple (AAPL) as the company kicks off its Worldwide Developers Conference.
Shares of the tech giant are down around 1% on the day, but that didn't deter the CNBC "Fast Money Halftime" traders from sticking with the stock. Shares of Apple still have upside, said Pete Najarian, co-founder of optionmonster.com and trademonster.com, who added that the company continues to be "very shareholder friendly."
To no surprise of Joseph Terranova, shares of Pandora (P) are headed lower as investors fret that Apple's new music service could hurt the company's business. Terranova, a senior managing partner at Virtus Investment Partners, added that too many Apple investors get disappointed by the WWDC results, when really it's about creating new software for future and current devices.
Jim Lebenthal, CFO and CIO of Lebenthal & Company, is long Apple, but is becoming concerned that investors are too complacent. The stock is so widely owned, he's worried that there aren't many buyers to purchase more shares at this point.
Lebenthal also said that Apple's management needs to be careful of losing sight when it comes to the iPhone. The iPhone franchise is the company's breadwinner and a dent in market share from Google (GOOGL) or Samsung could create big problems, he explained.