Apple Inc. (NASDAQ:AAPL) stock is not worth chasing at the moment, Colin Gillis remarked in a discussion on CNBC’s Fast Money.

The BGC Financial director of research and senior technology analyst said that there is no real new news for the iPhone-maker aside from its recent 7-for-1 stock split. Furthermore, he noted that estimates for Apple Inc. (NASDAQ:AAPL) have been actually going down a bit over the last four weeks for its June, September and even December quarter.

Discussing what has changed in terms of the discussion surrounding the company, he cited that there are the upcoming iPhone 6 and the recent stock split. The CNBC team then pointed out that the first quarter numbers for the company “blew people away”. Gillis reacted by saying that the numbers for that quarter were actually not that good.

Apple, Colin Gillis, Is Apple A Good Stock To Buy,

He said that though the iPhone numbers were good for that quarter, the iPad numbers were “miserable” with a decline of 16%. The CNBC team told him though that it’s the iPhone people care more about. Gillis answered, however, that at 17% unit growth, the iPhone grew slower than what the market is currently doing. He also said that the first quarter was the China Mobile quarter hence the expected boost to Apple Inc. (NASDAQ:AAPL) numbers.

He added that growth is still something to be worried about asking whether China Mobile will positively affect the June quarter for the consumer electronics giant. He said that he would not be chasing the stock this quarter.

CNBC host Melissa Lee countered, however, saying that people have reasons why they are buying the company’s stock at the moment. She said that historically, stocks which have split have typically went up 28% after 12 months. She added that Apple Inc. (NASDAQ:AAPL) typically outperforms before product launches. Lee continued by saying that the potential for a bigger iPhone, rumored to be among what the company will unveil for its next generation of smartphones, may drive the stock up.

Gillis noted that the company also has a $90 billion buyback program. However, he insists that the June quarter is the weakest for the company every year and that its product launches are still far out.

Watch the video below:

Meanwhile, the Fast Money team also discussed the massive volume for Apple at the moment wondering if this is the time for another rally for the company’s stock. Lee started the discussion by mentioning that the stock usually goes up in anticipation of its newest products. The Cupertino, California-based company is expected to debut its newest iPhone during its next event. The team noted, however, that the company has to weather June, July and August before their next event.

Some of the Fast Money team said, however, that a lot of people have piled in the stock and it is currently in a rally. The team then mentioned that it all comes down to valuation for the stock at the moment.

Watch the discussion below:

Investors in Apple Inc. (NASDAQ:AAPL) includes Christopher R. Hansen’s Valiant Capital which reported 258,431 shares in the company by the end of March. Another inverstor is Jim Roumell’s Roumell Asset Management which had 31,031 as of the end of the first quarter.

Disclosure: None

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