“By now, you’ve probably hear a dozen reasons why Apple is selling off,” Lee Brodie reports for CNBC.
“There’s the law of large numbers – that is, Apple’s market cap is too big for its own good. Then there’s chatter about Steve Jobs and whether Apple can innovate without him,” Brodie reports. “But Jim Cramer says none of that matters.”
Brodie reports, “‘Apple is going down for one simple reason. The vast majority of people who own the stock have big capital gains, and those gains will likely be taxed at higher rates next year,’ said the Mad Money host. ‘I expect the selling to go on as long as people have big gains,’ he said. ‘Conversely, it should let up when you can’t get the tax break anymore.’ (i.e January).”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Fred Mertz” and “David E.” for the heads up.]