Shares of Apple Computer — which yesterday said its internal review of its past options grants had found evidence of additional irregularities, probably causing the computer maker to have to restate some of its past results — lost 3.5% to $67.15 in premarket trading.
AAPL premarket quotes here.
Related articles:
Apple announces update regarding stock option grants – August 03, 2006
In Nasdaq trading today, shares of Apple Inc. rose to hit a new all-time closing high. Apple’s all-time intraday high was set on…
Apple TV is set to dominate San Diego Comic-Con International this year, marking its first-ever appearance in the prestigious Hall H with…
Matt Cherniss, Apple TV’s Head of Programming at Apple, is in a good mood today — and for good reason. His streaming service has once again…
Apple has issued a clear warning to users still relying on older encrypted storage: starting with macOS 28 (expected in 2027), the company…
Today, Apple TV unveiled the trailer for “Snoopy Presents: There’s No Place Like Home, Snoopy,” premiering globally on Friday, July 31st…
Wait ’til next week.
Funny that because we were just laughing at Gateway in the previous post.
3.5%? OMGWTF?
what’s next week? another Vista demostration? oh, great!
Here is what is going on:
These irregularieties will not have a material impact to earnings restatements per the Montly Fool.
The stock is droppin gbecause institutional investors (fund managers, etc) don’t want to have to notify and explain to their investors why they are holding a stock that cannot report earnings correctly.
The stock lost 5 points a stub when the news was announced, it it already back up 2 points from that position and when WWDC keynote announces new products on Monday, the stock will go up again.
I would also expect when the final restatement occurs and it is not as bad as stockholders imagine, there will be another small runnup.
fundamentals are solids….AAPL often has dramatic swings…remember, AAPL when up 12% in one day about a week ago.
The Feds just figured out that Jobs makes more than 1$ per year.
When Apple announces its raisin danish based Mac mini with gravity defying ability and world peace suggestions built-in, we’ll get that 3.5% back. Uh huh.
That was premature ejaculation from the market.
Then again it is good to buy AAPL cheap now and then sell it after WWDC when it is up UP again.
That was premature ejaculation from the market.
Then again it is good to buy AAPL cheap now and then sell it after WWDC when it is up UP again.
A problem, though, can be the break in momentum. Now there are likely a bunch of short sellers who are going to try to drive the stock down.
So Apple is still worth nearly $1.25 billion more right at this moment than it was worth at the close of business last Friday.
You’ll forgive me if I don’t run around like a headless chicken, because I’ve got at least half a dozen real problems to solve.
“Now there are likely a bunch of short sellers . . .”
We like to call them Peter Sellers. <cue Pink Panther theme song>
In other news…
Allegheny Pension fund is suing Apple per same – or rather, for the initially reported stock grant reporting irregularities prior to yesterday’s revelations.
iPod France law was passed, albeit “watered down”, with the Netherlands and possibly other European countries to follow in attempts to force Apple to open up it’s DRM.
“You’ll forgive me if I don’t run around like a headless chicken . . .”
I suppose that’s more palatable than a headless pig or caribou running around spurting on everyone. Thanks for your discretion.
R – I couldn’t agree more.
As I mentioned in my post in another thread (for which I was so, er, eloquently reprimanded) short sellers will use *any* bit of news that can be spun negatively to drive AAPL down.
Neither the Street nor the typical investor knows Apple the way all of us here do. That makes it simple for these so-called analysts to suck the market into their negative takes on Apple, whatever their motives may be.
We can be Apple aficionados (zealots, fanboys, whatever) *and* smart investors. But, sadly, the way the market works, one has little to do with the other.
In the “previous thread” I pounced on your ass for your pitiful hyperbole and misguided “advice”.
What you actually wrote:
” . . . the bears will have fresh, new ammo they’ll use to pound AAPL down into the fifties once again.
FWIW, my advice is get out of AAPL now while it’s still relatively high, wait for the post WWDC plunge, and get back in sometime this fall . . . ”
I don’t see AAPL going back inot the fifties anytime soon. Even with this “news”.
I think the “bear raid” is over and the street is positive on the good things coming from Apple again. WWDC will put it all over the top.
Some of what you write is true; some is just wild exaggeration.
Time and only time will settle this, Madam or Mister Excitable.
Let the games begin…
Not good. Jobs gonna be forced out or do some time in his iCell. Apple will be 40 bucks in a month.
Oh no! Apple lost $1.29 today after it all sorted out. However, it made about $4.00 over the entire week. Much ado about nothing!
“I pounced on your ass”
The same fate awaits Steve in jail…