“It’s just a cliche, but still: one bad apple really can spoil the whole bunch,” Paul Vigna reports for The Associated Press.
“With the Dow Jones Industrial Average hitting a new record, there are only two broad U.S. indexes that haven’t hit a new record: the S&P 500, and the Nasdaq Composite,” Vigna reports. “The latter still remains roughly 36% off its 2000 dot-com highs, but the former is less than 2% off its record (1565 from October 2007).”
Vigna reports, “Since the Cupertino juggernaut hit its record high of $702 on Sept. 19, it’s been nothing but downhill for the stock, off about 39% since then. For the S&P 500, since Sept. 19 through today’s close, the index was up 5.4%. Putting it at 1540. But, according to S&P Dow Jones Indices, if Apple was excluded from the index, it would be up 7.7% in that time frame – putting it at roughly 1573. That would be a new record.”
Read more in the full article here.
MacDailyNews Take: Don’t blame Apple, blame Doug Kass an the rest of his ilk.
Not Apples job to correctly value its stock. Wall Street is the failure here. Maybe that free market doesn’t amount to the pile of crap we keep hearing about it.
This rally is another bubble waiting to happen.
Kind of like Apple last September? You could be right? But I think it goes higher for a while. But whatever you do, if you’ve made a lot of profit take it. And put in your sell stops and protect yourself. But don’t depend on those. Because if the market drops it can blow right through those safeties. Just don’t make the mistake that so many made last September with AAPL. Don’t get greedy. Don’t think that things go up forever.
Who sits around and thinks these fluff statistics up, anyway? Oh yeah, Paul Vigna of the WSJ does.
Remember the unweighting of Apple at Nasdaq or the talk of moving AAPL to the Dow?
When the S&P last hit its high in early October 2007 Apple was selling for….around 167. So how is it again that Apple is holding back the new high when it now sells for 431? If you are going to compare the Apple effect for a new high you need to compare it to the last time the high was made and not some arbitrary number that makes Apple look bad. Lets compare Apples to Apples.
Apple’s closing share price on March 22, 2000 was $35.52. The shares split 2-for-1 on June 21, 2000; they split again on February 2005. Therefore, its 2000 high share price of $35.52 represents a split-adjusted price of $8.88. Today’s Apple share price of $431 represents a 4,853% growth since its March 2000 high. Am I missing something ? Or is this just another totally inane article from the “financial press ?
Fool me once shame on you. Fool me twice shame on me. Don’t blame it all on Doug Kass and his ilk. They manipulate the stock because they know they can. AAPL stockholders are a nervous jittery bunch.
The S&P 500 is considered the modern, more reliable index of the stock market. The DJIA is considered a quaint antique. That has been the case for many years.
Meanwhile: Apple used to be THE leader of the S&P 500. That fact that it does not now, despite Apple continuing to thrive, points out the BLATANT manipulation of AAPL via ordinary old FUD, the same garbage that has made the US government into just another rat hole of deceit and stupid.