AAPL Dips to $332 Amidst Broad Selloff

| Apple Stock Watch

Shares in Apple Inc. dipped Wednesday amidst a market-wide selloff sparked by fears of Japan’s ongoing earthquake/tsunami crisis and growing concern over the country’s nuclear plants. In the early-afternoon session, AAPL had slipped to US$332.32 per share, down $13.11 (-3.80%), on heavy volume.

AAPL Chart

AAPL Chart for March 16th, 2011
Source: Yahoo! Finance

To put the downward slide in perspective, the DOW was down 196.82 (-1.66%) to 11658.60; the NASDAQ was off 39.63 (-1.49%) to 2627.70; and the S&P 500 dropped 20.49 (-1.6%) to 1261.38.

Microsoft is trading at $24.81, down $0.58 (-2.28%); Intel was down to $19.835, off by $0.345 (-1.71%); HP was down to $40.41, off by $0.52 (-1.27%); and shares in Oracle were trading at $29.793, down $1.378 (-4.42%).

Motorola was one of the few tech companies in positive territory following the announcement of the WiFi-only Xoom Android tablet. The company said it will release a 32GB WiFi-only Xoom tablet on March 27th for $599, in line with Apple’s 32GB iPad 2.

Shares of MOT were trading at $40.57, up $0.06 (+0.15%). The stock had been up to $41.57 per share earlier in the day before the broad selloff took most of those gains back.

In Apple-specific news, brokerage firm BTIG raised its price target for AAPL to $450 per share, an increase based on the iPad 2. The firm raised its iPad sales estimates to 40 million units in 2011, up from 33 million units, and believes the iPhone 4 will continue to sell well.

The company’s bump for Apple wasn’t enough to overcome general economic fears centered on Japan, however.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.  

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8 Comments Leave Your Own

Tiger

perfect buying opportunity. It’s gonna skyrocket after the next quarterly sales report.

geoduck

a market-wide selloff sparked by fears of Japan?s ongoing earthquake/tsunami crisis and growing concern over the country?s nuclear plants.

The nuclear issue is worrisome from a humanitarian viewpoint but it will only have local impact. North America, Europe, even China, Taiwan, and Korea will not be looking at crippling damage even if there is a full meltdown. Scandinavia did not shut down from Chernobyl.
Here in BC they are already talking about a big spike in sales of lumber and other materials for reconstruction. Sorry to sound crass but we’re looking at a good year because of this.
Japan is looking for fish. damaged and destroyed stocks and lost fishing grounds have put them into the market in a big way. (Per CBC Radio report from a few minutes ago.)
Many Japanese manufacturers are moving manufacturing to overseas plants whenever possible. (per BBC report yesterday that I cannot find now). Sonys and Hondas will still be available.

This is a market that was looking for an excuse for a correction.

Bosco (Brad Hutchings)

Glad I didn’t pay attention to the IANASTs over on AFB who were adamant that $345 was a hard price floor a couple weeks ago! Heh.

other side

perfect buying opportunity. It?s gonna skyrocket after the next quarterly sales report.

That assumes Apple has product to sell.

The still-unfolding Japan disaster and an (already) 5-week backlog for the iPad 2 aren’t very reassuring.

geoduck

That assumes Apple has product to sell

Where are Apple products made? My Macbook came from Shanghai. I’ve been assuming that most of it came out of China.

Lee Dronick

other side said:That assumes Apple has product to sell
Where are Apple products made? My Macbook came from Shanghai. I?ve been assuming that most of it came out of China.

I understand that the NAND in the iPad is made in Japan, the glass may also be made there.

Constable Odo

perfect buying opportunity. It?s gonna skyrocket after the next quarterly sales report.

I think the same thing was said last quarter before Apple shares took a plunge for various reasons and it never fully recovered.  This quarter shares will take another plunge for various reasons.  Don’t get investors hopes up for something you’re only guessing at.  Any rumored or speculated negative news will send Apple shares reeling just like today.  If it even smells like component supply is drying up then Apple share price will likely be heading below $300.  If you notice, Apple stock goes down a whole lot faster than it ever goes up.  Don’t be surprised if it’s down another $15 on Thursday.  Sorry to say, but it’s a downhill racer.

mhikl

I think the same thing was said last quarter before Apple shares took a plunge for various reasons and it never fully recovered.

What do you mean, Constable Odo. Numbers are not my forte but I do follow and chart Apple’s stock and on 16 Feb (present term) of this year it hit its all time high of $363 and change; and that date is in this quarter. The low point in the previous quarter was 29 Oct and 17 Nov at $300ish.

Thursday is come and only a few hours to go before open trading ends and it is hovering around +6, at $336ish.

I use Google Financial Portfolios to watch a number of stocks that interest me. It’s easily done and easy to check past records. The records show consistent growth over the period I just checked, i.e., six years.

Google, on the other hand, over the same six year period hasn’t progress much at all.

I would kindly suggest you re-read your third sentence, and then your forth, etc.

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