Apple Inc (AAPL)

Took out a quarter of his position earlier. When you change management (Steve Jobs left) you get a bit of a break but it kicks in when you get your first missed quarter. But right now he thinks they have enough earnings momentum to keep the company going for a couple of years. Bought again yesterday after 15% pullback.

Has pulled back and has a little bit of weakness, but hasn’t broken the 200 day moving average. What you want to see before you start to worry is if it pulls back into the $525 area. Technically, it is at the 200 day moving average and if it pulled back down below, there may be further weakness. Will probably do okay over the next little while. He would be concerned once it gets past January, which is when the technical stocks tend to weaken up.

Ultimately this is a gadget maker but the best. Great products but all of these products are coming to a maturity in their life. Thinks that mediocrity creeps in.

Bull Put Spread. Sell Feb 600 Puts @ $44 and Buy Feb 550 Puts @ $22.20

Given what they have said, there is a chance they will actually miss. A lot of people think the iPad mini will decrease iPad margins.

The drop in the stock price is not a big surprise. History shows that after a major announcement, the stock price generally retreats. It makes a wonderful entry point. The huge risk in this is not owning it. Trading at a very reasonable multiple.

An impressive growth company that you can buy today at what he would classify as a value price. The price has come off recently so he has been adding to his position. The new iPhone 5 is selling extremely well. It is going to be a very good holiday season for them. The only thing that he would watch as a risk factor is the margin profile.

As an investor he likes companies that have strong profit margins and are able to raise prices, which they have done. Dirt cheap for the top branded company in the world. Thinks they will earn $50 a share next year. Have a huge pile of cash that will continue to grow. Hopefully there will be more dividend increases and a share buyback next year.

Not an expensive company. Have a lot of cash and if you take the cash out you get a 9X PE. Steve Jobs started this and ran it. Was kicked out and the stock dropped. Came back in and he brought the stock up to over $600. Now he is gone for good. It takes a visionary to run a tech company because they are constantly required to come up with new products to drive their growth.

(Top Pick Sept. 13/11, Up 66.85%) 30% growth, and still an inexpensive name and people need to relax and enjoy the company and buy it now.

Has been in Apple a few times. He uses stop losses on all positions. It is important to watch how Apple performs in this market. His view is that this correction is not constructive and he sold his position. There is some risk in it and he chose to go somewhere else. He would wait for a new high to want to go back in.

Has been completely wrong in this one. When it was around $300 he thought it potentially would be a good Short but has doubled since then. He doesn’t understand the valuation.

Market share is lower than it was last year because people were waiting for iPhone 5 but now there are issues about producing enough for demand. Difficult for it to grow as fast as it has been doing. Could be attractive in the short term but not in the long term. Take short term profits.

In a bit of a corrective phase here but has pretty good support so your downside risk is pretty minimal. If you own, continue to hold and possibly add some positions as we get into the middle of October.

(A Top Pick Aug 31/11. Up 82.35%.) Estimates are that close to 50 million units of the new phone will be sold in the 1^st quarter of their fiscal year, which is a big jump from 35 million that they did last year.