“After a monster drop, Apple’s stock has been locked in a $400-$450 range since the end of January,” Jay Yarow reports for Business Insider.

“And it’s probably going to stay locked in this range until Apple reveals some new hardware, says Oppenheimer analyst Ittai Kidron,” Yarow reports. “There’s two reasons Apple needs new hardware: To prove it can still create killer new product categories post-Steve Jobs and because that’s how it makes its money.”

Yarow reports, “All the gossip lately has been on an ‘iWatch,’ which would be a internet-connected device for the wrist that would work with an iPhone… Kidron is skeptical that an iWatch would really move the needle. He’s looking for an Apple TV.””

Read more in the full article here.