“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, $15 would have been the entire price of the stock (and then some if split adjusted). AAPL has come a long way, and it should still have a long way to go.
There — it’s — you know, one of the hardest parts of my job is to connect Iraq to the war on terror.
No question in my mind these are tough times for America. But there’s no question in my mind we’ll prevail. Right is on our side. And we’ll prevail, because we’re a fabulous nation, and we’re a fabulous nation because we’re a nation full of fabulous people.
We got an issue in America. Too many good docs are gettin’ out of business. Too many OB/GYNs aren’t able to practice their — their love with women all across this country.
There’s an old saying in Tennessee — I know it’s in Texas, probably in Tennessee — that says, fool me once — shame on — shame on you. You fool me, you can’t get fooled again.
“I quit”
-Joe Biden
My cost basis is 13.32/share, if this were 2004 I’d have lost my whole investment and then some! Hard to believe I’ve held it just 3 1/2 years, it’s been one level of giddiness giving way to another.
Those of us who are in this for the LONG haul (and I mean 2018 and beyond) are unconcerned and I dare say a little relieved to see AAPL cool off a bit. Sometimes it’s good for a stock to have a few amateurs get scared and sell. Better that cooler heads hold the shares.
Just my 2 cents. Or after today, 1.85 cents…
hehe I’m typing this on my iPod touch whilst taking a dump. I wonder how many other posts are made from an iPod/iPhone whist chopping rope. Maybe this site should be renamed ‘MacDumpNews’
By the way MDN, can you please do something about your pop up adverts, very un-Mac like. Thanks.
@R2 and Not Fooled:
Get your heads out and above theses silly Reps and Dems stories! The whole system is build on non-everlasting ideas… just a matter of time for any empire to fall.
Nothing is LESS secure than monney… US$ isn’t an exception…
if the stock market were the only way to measure the financial health of this country, then the losses would be worth noting. If the unemployment report were the only way to measure, again, the losses would be worth noting.
Financial volatility goes hand in hand with how close we are to the media and events around the world in today’s communications age. 50 years ago, a factory closing in BLANK country would be a blip on the radar, reported a week later in the newspapers perhaps (perhaps). Today, everyone over reacts. The factory on the other side of the world is NEXT DOOR to your parent’s restaurant. OH MY GOD! The world is coming to an end!!!! Sell Sell! SELL!
Sell I say, take your profit.
This is why.
Apple has nothing “new”, in other words no new market to take over.
The iPhone is stalled because people really want a cheap low cost phone with little complications. The iPhone is a expensive and complicated smart phone. A nich of a nich market. It’s near done with little growth.
The iPod is near saturated, everyone bought for the holidays. It’s done for now.
The Mac line could get a refresh, but people buy Mac’s if they replace their old one. Nothing new can happen here, Windows Machines has Apple beat on cost.
So there really isn’t much to drive up the share. A rental service? Big deal? It makes more for the studios than Apple which makes money selling hardware.
The AppleTV sucks, no HD. Loading a iPod sucks because it’s too much work and too little of a screen, not to mention the slow USB connection and waste of hard drive space.
What is new at Apple? Nothing…
The stock will either tank because of the reccession, or stabilize.
Sell.
Hey “Stock man” how many AAPL shares are you intending to buy these next days? Typicaly, you try to influence for a lower buying price!
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PS And ho! One more thing: if AAPL sinks, others will be even lower anyway… Think of making some reserves of food…
Typicaly, you try to influence for a lower buying price!
Like there is enough coming to MDN to influence Apple stock…hahaha.
I’ll wait till it really bottoms out to begin buying again, not before a recession.
I’m just trying to give advice, the stock is going to tank. It’s just economics, nothing else.
What should make an AAPL shareholder lose sleep is the perception that Apple is a one-man show.
What happens the day Steve has a health crisis, and has to be away from Apple “indefinitely”? A severe knee-jerk market reaction is pretty nightmarish.
If Apple has a challenge, it’s grooming a worthy successor.
@stock man
[Apple has nothing “new”, in other words no new market to take over.]
-There are plenty of markets that need the Apple “spice of life” to freshen them up, don’t be so silly
[The iPhone is stalled people really want a cheap low cost phone with little complications.]
– The iPhone is not stalled, you foolish little boy, its selling like hot cakes to all OS users.
[The iPhone is a expensive and complicated smart phone. A nich of a nich market. It’s near done with little growth.]
-Now now childish one, as you probably can not do basic arithmetic, I will explain it to you in simple terms, the iPhone is, bang for buck a good deal.
-While the iPhone might be complicated to your paltry brain cells that obviously struggle to unite cohesively, for anyone with an IQ over … shall we say 30 it’s a cinch.
-The iPhone is almost king in the “smart” phone market and the market is changing, soon, last years iPhones will be the cheap commodity versions, so oodles of growth yet to be had – exciting, isn’t it?
[The iPod is near saturated, everyone bought for the holidays. It’s done for now.]
-Near saturated !!! … Oh, we wish my little jejune plaything.
[The Mac line could get a refresh, but people buy Mac’s if they replace their old one. Nothing new can happen here, Windows Machines has Apple beat on cost.]
-Undoubtedly the Mac line up will get a refresh and indeed people buy Mac’s to replace their old ones – well done! now sit down and relax that brace of over exerted brain cells after that mental effort … did you turn a reddish purple then?
-People also buy to supplement their existing Mac/s and, get this … farmer boy, over 40% of Apple store computer buyers are “switchers”.
[So there really isn’t much to drive up the share.]
-Hang on shepherd boy, when you tender to the sheep, do they bleat like you? There is plenty to drive up the share with the existing portfolio, so the new stuff coming on stream is going to be a blast, including the rental service. which will empower ITS and foster hardware sales and the studios get lucky too.
[A rental service? Big deal? It makes more for the studios than Apple which makes money selling hardware.]
-Oops, I just covered that above … I said I commented that above … See above … Oh, never-mind !!!
[The AppleTV sucks, no HD. Loading a iPod sucks because it’s too much work and too little of a screen, not to mention the slow USB connection and waste of hard drive space.]
-Are you a cattle rustler or a cowpoke, stock man? I mean there’s a difference. Right, do those long eyelashes just draw you in and you can’t help yourself?
-Lets wait until the 15 Th. to see where the whole AppleTV thing is heading.
[What is new at Apple? Nothing…]
-What you meant to say is “What amazing, up to date, latest, state-of-the-art, progressive, avant-garde, ahead of the times, pioneering, innovative, sophisticated, advanced, modern, cutting and leading-edge bit of kit is Apple going to surprise us with next?”
-I’ve just realized, maybe you’re in the warehouse line of work, silly little old me … did a box fall on your head once?
[The stock will either tank because of the reccession, or stabilize.]
-How’s the head? rub a cowpat on it. The only tanking to be done will be to ferry the champagne and beer to the investors parties.
-“Stabilize” I think 800 mg chlorpromazine might stabilize you.
[Sell.]
-Yep! Cowpat man, Apple goodness will continue to Sell Sell Sell, how right you are.
Steve Jobs has already “been out to lunch” just look at glossy screens, inferior iMac and iPod Touch screens, iPhone insecurities, Quicktime insecuritites, the iPod HiFi and the AppleTV.
Just look at the glaring lack of hardware options from Apple.
Just look at the sorry state of 3D gaming on the Mac.
It’s pathetic.
Apple just needs to pull a rabbit out of it’s hat again, to drive the stock back up despite a recession.
I do wish it would offer a lot more hardware options in the computer line up. They seem to do so for the iPod, but ignoring the advancement of marketshare for the Mac.
Anyway lets keep our collective fingers crossed and hope Apple’s momentum will continue.
Peace.
Are you some sort of Messiah?
or just a plonker?
After hours, AAPL stayed about even with its close. That indicates its Friday drop has likely bottomed out. Most likely the weekend will give investors a chance to calm down and be looking for good buys. Barring unexpected bad news, I expect AAPL to gain several dollars on Monday and continue its recovery on Tuesday. Those who bought Friday will have instant gratification (with a weekend in the middle).
@Hg Wells
aapl close down over $2. Now that is instant gratification!
@Hg Wells
aapl close up $0.80 above the low of 170.80. Down over $6. Now that is instant gratification!