“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.
Greenspan almost had it right: the market is filled with irrational <strike>exuberance</strike>behaviour!
Apple’s shares are taking a hit (in part) because the big funds are telling each-other to reduce their tech exposure. Hence the kind of selloff no individual investor could cause.
Which is a shame. There’s nothing WRONG with Apple, they’re just caught in a tough market in a tough year like everyone else. Expect a nice springback when the Street decides tech is a good bet again.
This is what investors are waiting for with bated breath.
That, or they’ll be mobbing with torches and pitchforks. Depends who & when they bought.
Not surprised to see stocks falling. Apple screwed their own customers by releasing Time Capsule before making good on past Airdisk backup promises, they screwed iPod owners by making them pay for software they already get for free, They launched a proprietary movie rental system via the locked down, ham fisted, AppleTV but that device has been slow to sell for good reason (and most Windows users won’t download iTunes), they released the stylish MacBook Air (which is about all it has inside), and slyly released the 8 core Mac Pro towers during CES the week before to hide the fact they had no performance stats worth crowing about. Overall there was a very deflated response to their offerings across the board.
Now last year, that was something special. The iPhone, iPod Touch, Leopard, and Time Machine were all mind blowing. The only negative issue was the SDK debacle.
Oh well, good time to buy I guess. It can only get better. Or can it?