“For nearly two years, since the introduction of the iPhone at the 2007 Macworld show, Apple Inc.’s stock had been on a tear that was impressive even for a company that was used to being one of the top investments in the tech sector,” Rex Crum reports for MarketWatch.
“However, it can be argued that the iPhone premium officially came to an end Thursday, as Apple’s shares fell below $85 for the first time since January 9, 2007, the day Chief Executive Steve Jobs showed off the first version of the iPhone,” Crum reports.
“Through practically no fault of its own, Apple has seen its shares tumble along with the rest of the technology sector due to the global credit crisis. The iPhone continued to show signs of strength through the year, and when Apple delivered its fourth-quarter results in October, it said that it sold 6.9 million iPhones during what was the first full business quarter in which the 3G version of the device was on sale.,” Crum reports.
Full article here.
[Thanks to MacDailyNews Reader “Carl H.” for the heads up.]
Pardon my language here, but you know the whole market is just completely FSCKED when even companies that are GROWING THEIR REVENUES AND MARKET SHARE are tumbling.
Why?
I can see companies with bad outlooks and poor current sales would be down, but why is the one tech company that’s defying gravity in every way be falling like a sack of door knobs??????
@ MidWest Mac:
The market is in panic. Logic is going out the window.
MidWest Mac,
Personally, I’m concerned with figuring out where the bottom is, so I can back up the truck and fill it with AAPL.
In 36 months, a lot of people are going to be looking back to this time and kicking themselves, moaning, “Why, oh why, didn’t I buy AAPL when it was sitting at $X?!”
Hold on to your investments. Even do some bottom feeding and pickup some bargains, but, don’t sell (or as they say through the baby out with the bath water). The current market hysteria will not last forever. Let the big investors (hedge funds, retirement funds, banks and the rest) liquidate their positions in stock that they rather hold (like AAPL) to meet their redemptions, losses and other cash needs. While the small investors like us with cash increase out positions in good growth stocks at bargain basement prices. When the market hysteria ends and the market starts to return to it’s center you’ll see a new stronger bull market take over and in a few years you can do some profit taking and feel good about paying the IRS the capital gain taxes and you can do it with a big fat grin on your face to boot.
” don’t sell (or as they say through the baby out with the bath water)”
Don’t throw the baby out either.
I was lucky enough to buy Appl at $12…..hey am I dating myself…my memory is going…but I think I placed the buy order on a NEWTON….ha
So buy now or wait a little longer (apple)?
@ Fred Mertz
with AAPL anything below $90.00 is the bottom. Don’t worry so much about the absolute lowest price in 18 to 24 months that .01 to $3.00 a share is not going to matter all that much.
If you bought AAPL at $90.00/share and in 24 months sold it for $189.00 and the follow day it went to $190.00 would that $1.00 make a real difference. No because you more then a 100% profit.
So anything below $90.00/share on AAPL is the bottom a few buck lower then the $81.24 it was when I loaded this page is just that much more profit on the back end, even if AAPL were to go to $79.00 before the craziness ends and you paid $82.50 your still going to be a big, big winner on the back end.
The market has always been defined by FEAR.
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear.
I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing.
Only I will remain.”
Litany from the fictional Bene Gesserit religion in the novel ‘Dune’ by Frank Herbert.
The vast oceans of mindless mega-wussies currently engaged in gambling/trading on Wallstreet don’t subscribe to Herbert’s vision. Like some hideous hybrid of lemmings and sheeple, they bleat helplessly while running all-out to a cliff of their own creation…
Oh well. When the dust settles, it’ll be a buyer’s market. And that can be a good thing, I suppose…
Well actually, eh-hmmm, Apple is on the decline because they wasted $100,000 to the No on 8 campaign.
check out my financial blog: stucktrader.blogspot.com. I have a history of trades that involved AAPL. You will notice that the stock has no real reference to its actual performance. Rather its the hype.
AND remember too that stocks are based on future growth… so, in the near future, if Apple releases something that is as important as the iPhone at the next MacWorld, you will be thankful that the stock is cheap. I foresee this stock heading to 50 in January, but it may hold up in December.
Keep buying Apple products not the stock for now. If you already are holding AAPL. You might as well keep it. You can even sell some to claim your $3500 in loses on your 2008 tax.
Investors are getting out of the market for two reasons.
1. Markets hate socialism
2. Taking profits before the anticipated increase in capital gains. (socialism)
Make that one reason
OBAMA!
I purchased an iPhone after researching all the available options at AT&T;, Verizon and TM. Tried several, returned them all. Got the iPhone. It just works.
Now I have tossed out my Dell PC, got a MacBookPro. It works, really well.
Next, purchasing new MacBooks for the entire office (10 of us) and everyone is elated. We figure to save about $10K per year on IT support, too. Kind of a no brainer to make the switch.
The Apple Ads say it all – switch and be happier and more productive and save costs at the same time.
Apple, thank you!
p.s. I am buying your stock like no tomorrow……
Buy all the stock you want. There is no bottom. You can use it to start fires with to push back the dark and keep away the roving bands of cannibals in the next couple of years.
@bluestateRed
Then they really are idots, aren’t they?
This whole socialism BS is really starting to rub me the wrong way. By your standards, I’m sure Bill Clinton was a communist. Gee, that economy back then sure did suck, eh?
@MidWestMac
No Bill was no by any means a socialist t – but your guy most certainly is. Jut look at the people he has associated for his entire life.
Hilarious that the Republicans have made such a mess of the US economy – again – yet their supporters still can’t admit it. Once again the Democrats will have to sort it out. The 1930s all over again.
And talking about idiots – It amazes me that Wall Street people are so stupid they can’t see that Apple as about the only tech company worth investing in. Pearls before SWINE.
“The market is defined by fear!”
Absolutely correct. I have a $40K position in Apple and intend to sell. I’m not selling out of my fear. I expect there is still unrealized fear out there. I’m sure it will drop more. That’s when I buy back in.
In the meantime, I can take the capital loss and apply it to a rather significant capital gain over the last year from property sales. This and other losses means that I don’t have to pay $100K in income tax. And I can always buy it back (and I intend to) and make even more money.
God, I love America.
– Apple is a good buy, and has increased – now is the time to get out before your taxes go UP! You are willing to admit that Mr Obama has stated that he WILL increase capital gains taxes.
Please expain how the Republicans have “made a mess” out of the economy.
I’m waiting for your answer.
The markets started to crash when it began to look realy certain the the “Chosen One” was going to win, and have crashed at a more rapid pace since the election.
Like I said a month ago, Apple was stupid to not offer a 3-1 split when they were at 200.00 a share. They were stupid to give money against prop 8 which guarenteed to piss off half of their shareholders. Now with investors finally using reason instead of passion in the way they think we think it strange. If people make up there mind to buy stock because some talking head on tv says to. They deserve to lose their savings. My strategy is back to Apple when they are below 50. The Dow should be somewhere around 4500. That would place the Dow more in line with what the GDP growth has been since 1983.
The market is simply “pricing-in” our most socialist-leaning president in memory. The price of oil (and a gallon of gas) falling through the floor as well as an absence of the necessary two consecutive quarters of economic decline to qualify as a recession would, under most any other conditions, equate to large and significant market gains.
The Democrat-led Community Reinvestment Act boondoggle and the Democrat-shepherded government “investment” in the previously private sector enterprises of Fannie & Freddie (that the Bush administration, to their credit, tried to fix roughly 14 times but were turned away each and every time by the likes of Frank and Dodd) were the initial impetus for this disaster. The ramifications are now reverberating around the world, because in the world economy “as the U.S. goes, so goes everyone else.”
Obama’s stated goals of, among other things, actually increasing the capital gains taxes on investment — which is one of the principal drivers of the general economy with so many Americans owning stock — has the markets terrified. This president-elect is business-naive, to put it mildly; has never run a successful “anything” in the DPS (Dreaded Private Sector); and has so many allegiances and alliances of an extreme left-leaning nature that the free markets are scared to death.
Until Obama — or someone he authorizes in his “Clinton Administration Mark II” — actually comes out and confirms that he will not be raising ANY taxes for the forseeable future then this market will continue to fall. But thank your diety or dieties that oil has returned to Earth — and then some! — or we would all be on the brink of a depression already.
@Opie
Interesting that prop 8 passed even though the country is, acording to media comentators moving to the left. May this is not so.
I was mearly expressing a theory as to why the stock price of good companies goess down as was imedately attacked as if I’m some sort of right wing nut job.
Some of these people are just so afraid of any opposition to THEIR point of view. I thought liberals were supposed to be MORE open to new ideas (maybe socialism IS bad)
Maybe we need a fairness doctrine here to make sure that all points are given equil coverage… You KNOW im kidding right?
Lighent up, but it does seem that investors are afaid of this “Change and Hope” stuff. Unfulfilled hope is the worst of all human conditions and I’m just very afraid that this whole Obama campaing has set people up to be realy dissapointed, We are talking 60’s type riots and everything. It’s starting to look very much lile 1960, unfortunately neither Obama or his supported are old enough to rember what happed last time.
Hold on, it’s going to be a rough ride.
blueStateRed (self-referential in more than one way….)
“Well actually, eh-hmmm, Apple is on the decline because they wasted $100,000 to the No on 8 campaign.”
That Wrath of God thing’s a bitch.
We are plunging into the next Greater Depression and all is swirling the drain with us.
Fred Mertz: “Personally, I’m concerned with figuring out where the bottom is, so I can back up the truck and fill it with AAPL.
binarypackrat: So buy now or wait a little longer (apple)?
Calling a bottom and top is nearly impossible, although the talking heads on TV do it all the time. Remember DOW 15,000? Where are those so-called experts now?
Personally. I’m looking for the market to retest the last significant market low (Sept 2002 @7197.49). Until then, I’m sitting on cash in equities and only trading the 4x.
MDN Magic Word: enough
As in, haven’t the people had enough of incompetent politicians in Washington ruining our country? It’s time to replace Congress.