Other traders agree it will be harder for Apple to find new customers. But Najarian, whose biggest position is in this stock, is betting that the company's shift into services will create recurring revenue from existing users — especially in the cloud space. He points out, for example, that most of Apple's billion or so iPhone users already use the company's cloud products.
In the short-term, the traders are only cautiously optimistic on the stock. Weiss owns it but also owns short-term puts because he foresees a disappointing results. "There's too much expectation for too many good things in the quarter. So I'm betting the stock will trade down. I don't want to give [up] my core position because I don't want to pay taxes."
Apple will report next Tuesday after the closing bell. Factset estimates $2.09 in EPS and revenues of $53.31 billion in the fiscal third quarter.
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