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AAPL Down Dramatically for No Obvious Reasons

AAPL Down Dramatically for No Obvious Reasons

by , 4:35 PM EDT, May 21st, 2008

Apple's stock (AAPL) dropped nearly US$8.00 on Wednesday for no obvious reasons, according to Barron's. It could be nothing more than profit taking in an ugly market.

The news about Apple on Wednesday was minor: a lawsuit over the name "Mighty Mouse" and the fact that the company will use LED backlighting in future notebook computers, noted Eric Savitz.

Mr. Savitz wrote that "Today’s downturn appears to be nothing more than profit-taking in an ugly broad market."

The Market observer also noted that Piper Jaffray's Gene Munster, in what was characterized as an unusually cautious research note to investors, told them to keep their expectations for the iPhone "in check." Mr. Jaffray expects the new iPhone 3G to be nearly identical in form and function to the current model.

AAPL closed at US$178.19, down $7.71 for the day.


If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.

Observer Comments

Show: Subjects Only | Full Comments
Close Name:vasic Posts: 279 Joined: 09 Aug 2005
Subject: iPhone Expectations

The point for the 3G iPhone will be the software feature set, not so much the hardware. We will probably get 3G radio and slightly different colour. Other than that, perhaps (but it's a low probability) a front-side camera for iChat.

The broader issue here is the multi-country distribution deals around the world. The iPhone v.1 has already built up this strong demand, there is no doubt that they will sell briskly.

This should help stock hold its ground in the bear market.

Close Name:Tiger Posts: 1018 Joined: 17 Jun 2003
Subject: hmm

Well, the DJI dropped 227 points, so I guess that has to come from somewhere. The news certainly doesn't warrant a direct hit on Apple, so it is probably as speculated. Profit taking. I wish I had stock to take profits on!

Close Name:Guest
Subject: I just purchased some Apple Monday

The reason the stock tanked is I just purchased some on Monday. With my record, apparently my purchase is a sign to other investors to sell...

Close Name:Guest
Subject:

Welcome to the "just bought apple on moanday" club

Close Name:Guest
Subject: Dumbest Move of all Time

You think you made a dumb move, I just bought Apple with $40,000 of someone else's money, trying to make a quick buck until the money is called for. Now if it's called in, I'll have to come up with 2 grand to make up the difference. It better get back up there, and quick.

Close Name:Guest
Subject: Quick Buck...

Hope you have 2-3 weeks time. If so, you should make a pretty penny.

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