“Action in Apple stock suggests that shares are headed lower in the near-term, Rosecliff Capital’s Mike Murphy said Tuesday on CNBC,” Bruno J. Navarro reports for CNBC. “‘I really thought you’d see a rally on the fundamentals,’ he said. ‘The fact that the stock is down here, it tells you every single time it rallies, it gets hit with a wave of selling and going lower.'”
“On “Fast Money,” Murphy said that he added to his long call position and expected the stock to climb after it reports earnings on Jan. 22,” Navarro reports. “Joe Terranova of Virtus Investment Partners admitted that calling Apple stock “a generational buy” on Nov. 16 was incorrect. ‘Clearly, something is wrong with the stock of Apple – not the fundamentals – the stock of Apple, and where the support is, I don’t think anyone truly knows,’ he said.”
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