“Shares of Apple have been pummeled in recent weeks, but at least one pro thinks they are the market’s ‘Mister October’ and ready for a rebound,” John Melloy reports for CNBC.
“Apple’s stock typically surges during October as investors bid up the shares on better-than-expected sales figures from its latest iPhone and expectations for a strong holiday season,” Melloy reports. “Apple has jumped by 10 percent, on average, during the month over the last nine years, according to a bullish note by Topeka Capital analyst Brian White. (The only down October over that period was during the financial crisis in 2008.)”
Melloy reports, “Many traders agree with White that Apple is still primed to hit it out of the park in October. ‘Apple is a great buy at this level,’ said Stephen Weiss of Short Hills Capital. ‘On a percentage basis, the movement is relatively insignificant and is only following past patterns of selling off after a product launch.'”
Read more in the full article here.</strong
[Thanks to MacDailyNews Reader "Joe Architect" for the heads up.]