“Like they say, ‘oh how the mighty have fallen.’ It seems analysts at Citi have benched a company that was once a major league player,” Lee Brodie reports for CNBC.
“Only last year it was a darling of Wall Street and a hedge fund favorite, but today Apple failed to make the cut in Citi’s latest ranking of so-called world champion stocks,” Brodie reports. “And the list was pretty long – it included a total of 50 stocks with many of Apple’s tech peers including Google, Microsoft and Qualcomm all making the cut.”
Brodie reports, “Trader Pete Najarian, co-founder of OptionMonster is on the other side. He said that Apple is a second half story. And with shares pulling back from $700 to $450, he thinks at current levels the market will accept lower margins. Pete’s brother, Jon Najarian, says much the same. ‘The stock have gone through a 30% correction. At these levels, I see it as a value. I don’t understand why Citi doesn’t.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “David E.” for the heads up.]