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.