“I was livid when I wrote this article Monday morning: Wall Street Analysts Screwing You on Apple,” Rocco Pendola writes for TheStreet. “In that article, I concisely described what’s happening with Apple (AAPL), from the lunacy of Monday’s analyst downgrades to a review of the rational and logical near- and long-term sentiment. And, here we are, Tuesday morning after the chaos. As I write this, AAPL is up…”
“These hacks managed to, on the basis of nothing but their concerted speculation, knock AAPL below $500 in Monday’s pre-market session. In 9:30 to 4:00 trading, it opened at $508.93, dipped as low as $501.23, traded as high as $520 and closed at $518.83,” Pendola writes. “The SEC needs to step in and review how Wall Street analyst hacks do their jobs. Like I said Monday: ‘You mean to tell me that each of these guys, suddenly, spotted this weak trend in iPhone and iPad sales and just so happened to lower estimates and price targets at the same time, on the same morning. Give me a freaking break! Do they think we’re total idiots?'”
Pendola writes, “These guys who, all at once, after months of extreme bullishness, come out with reduced estimates and lower price targets on the basis of “checks” they apparently did, on whimpers of ‘demand’ problems for iPhone and iPad deserve your wrath! People sold AAPL Monday morning. Scared long-term investors ran, only to see the stock finish way off of its lows. That’s the short-term damage these guys cause… When retail numbers start to leak after Christmas and into the New Year… when Apple reports record earnings for the holiday quarter in late January, the analysts will do an about face. I will be here demanding that the SEC asks them the tough questions.”
Read more in the full article here.
MacDailyNews Take: You can demand until you’re blue in the face, Rocco, but that’s about all the change you’ll see as far as the SEC goes. The best action is to constantly remind people which “analysts” are garbage manipulators and/or idiot parroting pawns vs. those who are actually trying to properly analyze Apple Inc. for their clients.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]
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