“Following a 4% decline yesterday, shares of Apple (AAPL) were initially weaker than the market in early trading but have now reversed course and turned up,” Tiernan Ray reports for Barron’s.
“The stock had been down $1.23 at $578.90 just before 8 am, while Nasdaq 100 futures had been pointing up by 12 points this morning at 2675.75 for the June contract,” Ray reports. “But shortly after 8, trading turned positive. Apple is now up $2.87, or half a percent, at $583.”
Ray reports, “At least a couple individuals came to the stock’s defense early this morning, R.W. Baird’s William Power, who reiterates an Outperform rating and a $700 price target… And Mizuho Securities‘s Abhey Lamba last night offered a similarly upbeat defense of the shares, writing ‘we remain buyers of the stock despite strong year-to-date performance, as the momentum in its key product segments combined with the upcoming initiation of dividend should help the stock performance.'”
Read more in the full article here.