“A downgrade for Intel Corp., along with broad-market worries about weak growth in U.S. employment, pushed tech stocks to close with big losses Friday, continuing a slate of bad sector performances since the trading year began,” Rex Crum reports for MarketWatch.
“The action led a broad sell-off in the tech sector that tracked similar weakness across the market. The tech-heavy Nasdaq Composite Index fell 98.03 points, or 3.8%, to close at 2,504,” Crum reports.
“Intel (INTC) led the tech-sector decline, as its shares fell $2, or more than 8%, to $22.67,” Crum reports. “J.P. Morgan analyst Christopher Danely cut his rating on the semiconductor giant and Dow Jones Industrial Average component to neutral from overweight. In a research note, Danely said channel checks suggest that Intel experienced a slowdown in orders late in the fourth quarter that outweighed earlier gains the company made.”
“With Intel leading the retreat, other PC-related stocks also lost ground,” Crum reports.
Full article here.
MacDailyNews Take: Some may see this as an AAPL buying opportunity.
I bought today. We’ll see how we fare. Glad I didn’t buy yesterday when I was going to.
Yesterday MDN linked to a Reuters feed on a share rating by Needham. Here is the gift wrapped present.
***
Jan 3 (Reuters) – Needham & Co initiated Apple Inc (AAPL.O: Quote, Profile, Research) with a “buy” rating and a $235 price target, and said with the surging sales of the Macintosh and the iPhone, Apple is poised to begin the second chapter of its growth story.
Apple shares rose more than 1 percent but pared early gains and were up 16 cents at $195.0 in late morning trade on the Nasdaq amid volatile trading.
“The iPod is yesterday’s news. Now the Apple story is all about the Mac and the iPhone,” Needham analyst Charlie Wolf wrote in a note to clients.
Wolf said he would be a strong buyer of the stock at $180.
***
With today’s close off the target by a nickel, watch the open on Monday. The big guys make their money when the pedestrian is scared. Huge money will be made next week.
aapl may go up, but will go lower before march. I” am no a buy until july or aug.
Hey MDN: Where’s your headline…Apple Stock Fall Sets New Daily Record?
Only works the one way for you?
Bought another 100 shares. Yum.
MDN is always sure to give apple the credit when its stock goes up, but when it goes down we always hear about the “tech sector retreating” or “broad declines”. They are getting better though, they used to ignore the declines entirely.
It’s been my experience that it’s best to wait 2 or 3 trading days after a market meltdown and only then begin to buy.
Why are there new articles on ThinkSecret? Didn’t Apple shut it down?
thank God I bought a lot of AAPL shares back in April when it was at 90.
Ouch!!!!!!!!
The MDN philosophy:
When Apple goes up, it is the genius of Steve Jobs and Co.
When Apple goes down it is technical factors related to the broad market and economy (and then throw in the same old clinker: “Some may see this as an AAPL buying opportunity”.)
Shouldn’t have dissed the OLPC campaign Intel. Those poor children have a way of sneaking up behind you and biting you in the rear!!!
-H
To Off Topic:
On the Think Secret homepage:
“Editor’s note: Think Secret will be publishing through February 14, 2008”
well kids I would be lying if I didn’t say that it hurt a little today.
But Just a thought.
Next earnings report will be the best ever.
Steve told us that the computers in the pipeline are “off the hook”
So I say with no reservation, If you can buy and hold for at least 12 months. This is a very very good buy.
I am Apple Inc. and I am damn sexy.
Weak growth in US employment? How can that be when Republicans tell us the economy is doing so well?
How can that be when Republicans tell us the economy is doing so well?
Because the Democrats would be telling us the same thing if they were in the Oval Office.
As for AAPL, they took a pretty hard hit for just being among the “broader market” (i.e. no earnings news, etc.). A report of general weak employment growth is hardly a reason to unload Apple stock….
I knew someone would find the answer…thanks amp. Any significance to 02-14-08 other than the obvious?
The drop in Apple is not hard to understand. Marketmakers (mms) are scaring the weak hands so that the institutions can buy in at lower prices. This, right before Macworld……so typical. The name of this game is for mms to make a profit. I bet Apple is at $205 at or near Macworld.
Was it Jan07 or Jan06 that aapl announce best quarter ever, and the stock drop was 20%?
GW-The master of war, the economy, the English language, and jesus is coming out with an economic stimulus plan. Hmmmm-let’s see – he’s failed at everything he touches – looks like it’s time to run for the hills!
Typed on an iPhone while taking a huge dump-a-roo. Man I love this thing!
MDN should not sugar coat an 8% loss. Nobody loves their Mac any more than me, but that shouldn’t be confused with financial realities. If MDN wants to give investment advice, they should do it responsibly.
One of the great things about books is sometimes there are some fantastic pictures.
–George w. Bush
01/03/2000
Marketmakers (mms) are scaring the weak hands so that the institutions can buy in at lower prices. This, right before Macworld……so typical.
Don’t forget CES next week.
Expect the usual parade of “iPod killers” and “Apple killers” at CES, followed by “uncertainties” over whatever Steve does/doesn’t announce at Macworld.
Why doesn’t good news ever get headlines?
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It’s all about profit…….
I like to remember back to one of my favorite Seinfeld episodes where George did the opposite of whatever his instincts told him to do. The result was that everything went his way — new girlfriend, job with the Yankees, etc.
When the analysts have nothing but good things to say….you sell. When they talk down the stock (to scare out the weak) you buy. It’d be interesting to stick with this strategy to see what would happen.
To Off Topic:
“Any significance to 02-14-08 other than the obvious?”
You’re right.
It must have been a sweetheart deal.
It’s amazing to me that a $15 drop is ONLY about 7.5 percent. Not too long ago, $15 would have been the entire price of the stock (and then some if split adjusted). AAPL has come a long way, and it should still have a long way to go.
There — it’s — you know, one of the hardest parts of my job is to connect Iraq to the war on terror.
No question in my mind these are tough times for America. But there’s no question in my mind we’ll prevail. Right is on our side. And we’ll prevail, because we’re a fabulous nation, and we’re a fabulous nation because we’re a nation full of fabulous people.
We got an issue in America. Too many good docs are gettin’ out of business. Too many OB/GYNs aren’t able to practice their — their love with women all across this country.
There’s an old saying in Tennessee — I know it’s in Texas, probably in Tennessee — that says, fool me once — shame on — shame on you. You fool me, you can’t get fooled again.