“Thursday was another one of those bizarre trading days for Apple (AAPL),” Philip Elmer-DeWitt reports for Fortune. “At about 1:50 p.m., the volume jumped and the stock fell off a cliff, dropping at one point to 318.33, more than $10 below its high for the day.”
“The last time Apple closed below $320 was in early December. Since then, the company has reported two quarters of 75.2% and 92.2% earnings growth, respectively,” P.E.D. reports. “It’s not clear what it has done to deserve this kind of treatment.”
P.E.D. reports, “Among the dwindling numbers of retail Apple investors, there was the usual talk of market manipulation and calls for reform of the weekly options markets, which some believe have become the tail that wags the underlying stock.”
Read more in the full article here.
MacDailyNews Take: Don’t look a gift horse in the mouth.
Besides, at market close, AAPL had recovered to the point where it closed down only 0.49% (-$1.59) at $325.16 per share. In after-hours trading, it’s up to $326.00. Anybody get in at $318-ish?
[Thanks to MacDailyNews Reader “Mike H.” for the heads up.]