“Stocks extended their losses for a second day Thursday, dragged by health care and techs, after a batch of economic data that missed projections and mixed earnings reports,” JeeYeon Park reports for CNBC. “After Wednesday’s steep declines, stocks are on track for their worst weekly losses of the year. ‘You can tell equity investors are on edge and looking for a reason, almost any reason, to take a little money off the table,’ wrote Scott Wren, senior equity strategist at Wells Fargo Advisors. ‘A series of worse than expected economic reports out of China, Europe and the U.S. over the last handful of trading days has taken some of the enthusiasm out of the market.'”
“The Dow Jones Industrial Average finished in the red, led by UnitedHealth and Bank of America, while Verizon gained,” Park reports. “The S&P 500 and the Nasdaq also closed lower. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped above 17.”
Park reports, “Apple slid after the tech giant tumbled more than 5 percent in the previous session, breaking below $400 a share for the first time since December 2011, amid worries over second-quarter iPad mini shipments and after one of its suppliers reported an inventory glut that suggests iPhone sales may fall short of expectations. With Apple’s recent declines, oil company Exxon Mobil is once again the world’s most valuable company in terms of market cap.”
“On the economic front, weekly jobless claims gained 4,000 to a seasonally adjusted 352,000, according to the Labor Department,” Park reports. “A Labor Department analyst said claims for California and Kentucky had been estimated.Economists polled by Reuters expected a reading of 350,000 new claims, up from 346,000 in the previous week.”
Read more in the full article here.
can someone explain to me how aapl got pummelled yesterday because of crus. yet today it showed an increase of 25% in sales at verizon ? something doesn’t click here.
It never has. I worry that the negative psychology on Apple won’t break clear despite it continuing to be a successful company with great products. The disingenuousness of thinking that SOMEDAY a company might fail is ridiculous. Apple is geared for success for many years, if not decades and centuries to come.
Apple is doomed. No matter what how good Apple does, its stock is victim of the greatest speculation wave we’ve seen in many, many years. Where’s the SEC? where’s financial supervision or whatever? why Tim Cook does not make any statement or something? And worst: if Apple misses the Wall Street forecast, the stock will fall bellow $350 easy. Unbelievable!!
Um, because the stock market is total BS?
The Cirrus scare was due to people not reading what Cirrus actually said. THey said that their q1 results were lower because a major customer [ obviously Apple ] was transitioning to a newer chip from Cirrus. In other words, Apple was no longer buying the well-established and highly profitable chip, but migrating to a newer one which is currently less profitable for Cirrus.
There was nothing in that report to suggest lower sales numbers for Apple. If anything it should have been taken as good news for Apple because they were migrating to a chip that was newer and more efficient.
If you look at the last few months, there have been many rumours of low iPhone demand, but actual sales results remain high.Wall Street believes the rumours are important. I believe that the results are what actually matters.
It means the gross margin will see improvement , AAPL will see rally
Apple is doomed. No matter what how good Apple does, its stock is victim of the greatest speculation wave we’ve seen in many, many years. Where’s the SEC? where’s financial supervision or whatever? why Tim Cook does not make any statement or something? And worst: if Apple misses the Wall Street forecast on tuesday, the stock will fall bellow $350 easy. Unbelievable!!
Don’t blame TC. WS would have been even happier to screw Apple is SJ were at the top. Where is the SEC? They are just waiting for better jobs with hedge funds.
OMG Just OMG. Apple is doomed cause the market is playing with its stock. You know, if the stock drops the company will fail……
Does anyone (especially this guy) know how the stock market really works here???
ON a side note,,, from Digitimes… a viewer commented how he has not upgraded his computer cause of the poor improvements from Apple…. and he adds……
“And that is hurting Apple, and not just Apple but the whole PC industry. My desktop is a Hackintosh, i7-920, X58 motherboard, 24 GB of ram, all that, aside from RAM is from more than 4 years ago. Again, why upgrade? If it continues to function, I have no reason to upgrade for another 4 years.”
So he has never bought Apple, makes his own pc from parts and graphs OS on it. And he is bitching about not upgrading to a better Apple computer……. cause he never has or will, he will just make an upgraded hackintosh!!!!
OMG, just OMG. My brain is hurting from all these NON THINKING comments this week. From bloggers, paid bloggers (samsung shills), article writers (who have nothing to say but put Apple down cause it sells hits), and others with only 2 brain cells functioning (like my commentor above).
I think this weekend is coming just in time. 🙁
/s
Wall Street (hedge funds) are in control of the news. If you notice none of this positive stuff ever makes it to the big publications. All you need to do is compare AAPL’s PE at 8.9 to DELL’s PE at 10.4.
Deepened and prolonged a bad recession for political gain. He’ll go down as one of the most partisan presidents ever and one of, if not, the worst for the country in history. It’ll take decades to undo the statist damage that occurred while he golfed his terms away.
you ain’t seen nothin’ yet.
Stock Market is nothing more than legalized Gambling. lol
The Lottery is nothing more than legalized Gambling. The Stock Market is a very complicated legalized gambling massive multiplayer game about financing companies.
Wall Street doesn’t finance companies. Nobody goes to Wall Street to start a company. They go to Wall Street to cash out. The IPO is traditionally when a company transitions from a net societal good whose management wants to accomplish something worthwhile into a professionally-managed legal organization whose sole purpose is to enrich its managers by any means possible.
proof? see Tim Cook’s salary versus work performance.
He heads one of, if not the, most profitable companies in the world. His salary is more than justified.
Well then, go ahead and attempt to justify it.
In 2011, the Apple board set up Cook with an estimated $500 million in stock in addition to his generous salary.
The average household in the USA earns just under $50k per year. To earn $500 million in a 30 year career, one would have to average a salary of $16.7 million per year. Or, to put it another way, Cook was handed the salary of over 3000 professionals earning $150k per year.
What did Cook accomplish since taking this gift? He oversaw the deflation of Apple’s market cap, introduced the fewest number of new products per year in Apple’s recent history, and has sat on a pile of cash instead of investing it in much-needed production capacity, new product development, and other long-term company strategy. He has ignored his Mac customer base and done nothing to enable significant growth in enterprise markets.
Please explain what Tim has done to earn your blind faith. Given the choice between Tim and 3000 engineers, I’ll take the engineers.
So your problem is that he makes a lot of money?
Careful, greed and envy are terrible burdens, that often lead to bitterness.
Sorry, that wasn’t a tactful response. To respond directly to your claims:
Stock: I’ve never seen the $500M number, but I’ll take your word for it. It’s an incentive. You can’t count it as guaranteed pay, and the way the stock is performing right now is exactly why.
Deflation of Apple’s cap: Tim Cook works for Apple, not Wall St.
Fewest Products: so?
Investing in Production: How do you know he hasn’t?
Investing in Product Dev: How do you know he hasn’t?
Investing in Long-Term Strategy: How do you know he hasn’t?
Ignored Mac Base: By what reasoning? The Mac Pro? Fair point, but the Mac is a small part of Apple’s business. iPhone and iPad are worth much more, therefore more effort is expended there.
Enterprise Markets: Hello? This is Apple. When have they ever done this?
My Blind Faith: I didn’t know I had it. Sounds like hyperbole to me. I’ll investigate this personally. As I stated before though, he leads one of, if not the, most profitable companies in the world and is responsible for the jobs and livelihoods of over 40,000 employees. Thus, he gets paid a lot.
This government is the government of the chimpanzee, by the chimpanzee and for the chimpanzee with a chimpanzee at the head of it.
100% taxes are coming. It’s the only way a socialist sees – every tool is higher taxation to feed a bloated government bureaucracy and more welfare check dependants than at any time in the history of the United States.
The chimpanzees voted for the moron.
@BLN
And this country is full of idiots like you, and here lies the problem!
No surprise — BLN is the one who labeled himself a “nut”.
BREAKING: Ballmer’s Right Nut found dead. Cause of death is reported as suicide. Note found at the scene blames his left nut. I just couldn’t hang around with such stupidity was reportedly written.
BLN, pleez don’ take muh ‘Bama phone.
Yeh, a little something for the military industrial complex…
Considering the last 80 or so years where some very great American Presidents had some much higher top tax rates then we have now and this country accomplished some great things…..i question your patriotism.
I think it time for Apple to start promoting the company, products, and refute some of the bull from competitors, investment analysts and the self appointed experts. Some of us dedicated users of Apple products and are also small investors in the company. Within the last four months, we have lost over market 300 points, which probably could have been avoided if the company could have made use of a good PR person.
The days of Apple being smug are over. I understand not lowering yourself to the level of your detractors. It makes you look superior (in the eyes of some). But I’m with you, Apple needs to defend itself. If all these stories about the supply-chain are not true then Apple should in some way refute them. Do it in a classy way if it makes you feel good Apple but take the gloves off. If some or all of these stories are true then we know why Apple is mum. Journalists have no reason to take sides for or against Apple. To say they are pro or anti-Apple (in most cases) makes no sense at all. None. The few exceptions would be the sites that promote Apple and its products. You’re on one now. We should know next Tuesday if these stories are accurate. Because next Tuesday Apple will verify these stories as truth or fiction. Everyone will believe Apple won’t they? The truth will set you free.Accepting the truth is difficult sometimes when it doesn’t fit into one’s agenda. Or as Jack Nicholson said “you can’t handle the truth”! I have no idea if these stories are accurate or not. But I will believe whatever Apple says next Tuesday.
Hey GM what if the stories are true and they have nothing to rebut them. I , for one, believe Apples sales have tanked big time. Should they deny it like our leaders denied torture for years? The truth will out.. And I am sure Cook and company are dreading the 23rd. Surely savvy billionaies know way in advancd of what we commoners know. Get real, Cook would refute it if he could. iCal me on this too, please.
Joe : As I stated above, I have no idea if the stories are accurate. Perhaps as you say they are true and that’s why Apple can’t say anything? I don’t know? I’m not sure what torture has to do with anything concerning Apple? Unless you’re talking about the shareholders who have lost more than $300 per share in the last six months? I don’t know any billionaires so I can’t say how savy they are in general. I know a number of millionaires however and they didn’t get there because they’re stupid. Next Tuesday will tell the tale of Apple. As I said, I’m neutral I just don’t know what to think. I hope Apple can surprise everyone. I’m sure we’ll hear from you next Tuesday Joe, one way or the other. Right?
Well, that does it. Once AAPL reaches $1200 I am definitely cashing out.
U will see this only if the hedge funds collects enough AAPL at this level from those panic pigs .
Press style manipulation and outright corruption of the media is a fact of life here in Korea. It has been exported wholesale abroad. I believe most of the share drop in AAPL stock after the jury decision was engineered. Apple needs to fight back in a fair and transparent way.
I don’t think Apple iPad mini shipments on a trend line have slipped but this is kinda funny because didn’t analysts scream about that Apple need a smaller tablet before? And not they think sales are slipping? Isn’t this impossible? IPad mini was supposed ton save Apple! WHAT THE HECK IS HAPPENING???