You have to have it in your portfolio because it's nearly 7% of the S&P 500 and if you don't own it to some extent, you're on the risk of severely underperforming the benchmark, explained Tepper. To manage the risk, he is advising his clients to trim the position as the stock goes up.
Bill Baruch of Blue Line Capital noticed a bull flag pattern on Apple's chart that has created a new break out.
He sees upside targets at $478 and $499, but he would start to manage risk if he sees a close below $452. As the stock rallies, he would also trim the position from the portfolio standpoint.