“Look out below Apple edition,” Steven Russolillo reports for The Associated Press.
“Apple Inc. shares fell below $400 for the first time since April amid a global selloff that started in China and is now hitting U.S. markets,” Russolillo reports. “Apple shares, which had stabilized over the past two months following the big tumble that kicked off the year, now appear ready to test their lows of the recent cycle.”
Russolillo reports, “Apple recently fell 3.5% to $399.17. The stock fell as low as $385.10 back on April 19 before trading in the low $400s for the past two months. For today, it looks like Apple is getting swept up in the global-market selloff. While analysts have become less bullish on the stock, most don’t expect another slump similar to what took place bridging the end of 2012 and the beginning of this year… The 55 Wall Street analysts that cover Apple have an average price target of $527.50 on the stock, a figure that has come down from above $700 at the end of the year but still remains well above current levels.”
Read more in the full article here.
Related article:
After precipitous stock slide, Apple Board puts 40 percent of Tim Cook’s pay package at risk – June 21, 2013