“Apple Inc. shares continued to take a pounding for a second straight day Wednesday, with investors and some industry analysts expressing disappointment with Apple’s latest announcements at the annual Macworld Expo,” Rex Crum reports for MarketWatch.
“Apple’s stock cut its losses, but was still down by $7.47, or 4.4%, to trade at $161.66 in afternoon action, adding to the previous session’s losses in which the stock gave up more than 5%,” Crum reports. “Part of the reason for the decline was attributed to concerns about Intel Corp.’s disappointing outlook, as Apple exclusively uses Intel processors in its line of Macintosh PCs.”
“‘Investors were underwhelmed, possibly on unrealistic iPhone speculation and the lack of a killer product similar to the iPhone launch,’ Mike Abramsky of RBC Capital Markets said. ‘But [it was] mostly general market pressure.” Abramsky has an outperform rating and $215 price target on Apple’s stock,” Crum reports.
Full article here.