“Shares of Apple Inc, the largest U.S. company by market value, are set to finish the year in the red on notable weakness for a stock that had largely been impervious to pain for several years,” Saqib Iqbal Ahmed reports for Reuters. “Apple Inc shares are on track to finish the year down 4 percent, its first down year since 2008.”
“Shares have shed about a fifth of their value since touching a high of $134.54 on April 28, and are down 17.5 percent since the inclusion of the stock in the Dow Jones industrial average in March,” Ahmed reports. “Declines this year have wiped out about $57 billion in Apple’s market capitalization, about as much as fellow Dow component DuPont Co is worth. Apple is currently worth about $590 billion.”
“Wall Street analysts’ still love the stock. Of 49 brokerages, 41 have a positive rating and none hold a ‘sell’ rating,” Ahmed reports. “Analysts have a median price target of $145 – implying a gain of nearly 40 percent from current levels.”
Read more in the full article here.
MacDailyNews Take: Fire up the buybacks!
