“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.]
APPL did not even drop 10% during the so-called “pummeling.” These overly-dramatic media types need to act like they have a brain and realize that when a stock is priced at over $700 per share, a $50-60 change in price is relatively minor (whether that’s up or down).
The timing of the recent drop is interesting, considering Apple just started its $10 billion share repurchase program a few days ago (start of FY2013). Repurchase “some” NOW at the lower price, Apple…
I think Apple is back to manipulating the media again, and is actually taking advantage of the (overly-dramatic) media reaction to the so-called “Maps debacle.” The “non-apology” letter from Tim Cook is an excellent example.
Bought 200 shares at $653 today. Closed at 663.10 in after hours trading. Thank you stupid media!
Good job. I bought 100 more at $656.09 yesterday. I personally love these dips… $700+ here we come. 🙂
I’m still very LONG on AAPL.
…and Mr. October, in typical Reggie Jackson grand flare, is about to hit a towering grand slam !
I can use HTML tags too.
Actually its a that’s missing a >
its a Strong tag.
Comment system can’t show the tag I typed.
He thinks that Apple is “The straw that stirs the drink” but in the past couple of weeks Apple is showing that “it can only stir it bad.”
It’s so amusing that this dude is comparing Apple to Reggie Jackson. Let’s hope Apple doesn’t turn out to be Dave Winfield who was (un)fondly remembered as “Mr. May.”
What Apple needs is the spirit of Billy Martin in the body of Tim Cook and maybe that will get things moving. I’m not pissed off because Apple has been pummeled. I’m more confounded by the fact that Google has nearly a $100 gap on Apple when both have the same median target prices. What makes Google such a great investment and Apple such a slacker is what gets my goat.
Every time I heard anything from ANAL-yst, I just ignore it or “go the opposite way”.
my 2 cents…
oh look all the comment characters on this page are ‘strong’ because MDN messed up their html code been there often enough
This is how a rubber band works: It has a normal state. You can stretch it out of shape as hard as you like but it will snap back into shape again. The more you stretch it, the more tension builds up to return it to its normal state.
AAPL stock works exactly the same way. Manipulate the hell out of it with FUD and emotional responses to fleas landing on noses. But its value will eventually rise to where it normally would be, like it or not. So sit around and watch as AAPL ‘rebounds’ to where it should have been all along, its normal state.
Now the world’s most valuable company became the ‘Mister October’ in the stock market world. Several considerations are behind this like seasonality, valuation, iphone 5 overwhelming demand and new opportunities like iPad Mini…This could make it difficult for investors to justify the overwhelming of the stock through the holiday season and into 2013.