Apple Inc. (NASDAQ:AAPL)’s stock took a major hit yesterday. The company’s stock till Tuesday was sailing smoothly above the $103 mark, but closed at $98.94 on Wednesday. Some people believe that the downturn in Apple Inc. (NASDAQ:AAPL)’s stock is a result of the recent leaks of celebrities photos. Regardless of whether that is the true reason or not, Apple Inc. (NASDAQ:AAPL) is in a complete damage control mode, especially because the company has also planned a media event on September 9, where perhaps it will be unveiling its new devices.  So shall investors buy on this pullback in Apple Inc. (NASDAQ:AAPL)’s stock? The Fast money Traders debated on this recently on CNBC.

AAPL Apple Store 2

“There could be more to go. Two things are going on, it’s what’s happening at the company, which is nothing different today, probably and then there is sentiment. […] I can’t think of a stock that is more prone to sentiment changes than Apple Inc. (NASDAQ:AAPL) and it feels like the sentiment is changing […],” Karen Finerman said.

Finerman also revealed that she will just watch Apple Inc. (NASDAQ:AAPL)’s stock right now and she won’t be covering Apple Inc. (NASDAQ:AAPL) Calls that she holds as of now. Guy Adami compared the current situation of Apple Inc. (NASDAQ:AAPL)’s stock to that of September 2012, when the stock started falling after touching $700 levels  and fell straight to $525 levels in a few weeks (the prices mentioned are before the seven-for-one split). Adami feels that the same story is getting played out now. He believes that if Apple Inc. (NASDAQ:AAPL) in any way doesn’t delivers on the expectations that investors and consumers have from its September 9 media event, there is a possibility that Apple Inc. (NASDAQ:AAPL) ‘s stock can even fall to the high 80 levels.

As of June 30, 2014, Carl Icahn’s Icahn Capital Management LP owns over 52 million shares in Apple Inc. (NASDAQ:AAPL).

Disclosure: None

Suggested Articles:

Best Financial Services Companies To Work For

Biggest Websites in the World