“A Wall Street analyst is telling investors to sell shares of Apple Inc. one week ahead of the company’s expected unveiling of its latest iPhone, saying a downgrade is likely unless the company massively exceeds expectations at the event,” Steven Russolillo reports for The Wall Street Journal.
“‘We recommend taking profits in Apple,’ said Andy Hargreaves, an analyst at Pacific Crest Securities with an outperform rating and $100 price target on Apple. ‘Unless next week’s event details massive incremental profit opportunities, we are likely to downgrade Apple’s rating,'” Russolillo reports. “Shares slumped as much as 3.3% on Tuesday and fell below $100 for the first time since Aug. 20.”
“Still, Mr. Hargreaves caveats himself by saying investors should still hold some Apple shares through next week’s event,” Russolillo reports. “In conjunction with new iPhones, Apple is expected to show a wearable device that many have been calling an iWatch. It could also launch a new payment partnership, according to Mr. Hargreaves.”
Read more in the full article here.
Oh ye of little faith get yer lesser reward.
This is just more M A N I P U L A T I O N . You can bet there’s a gang of investors demanding that the price of AAPL fall before they’ll chuck their money at it, making suckers of the people who sell. The con games never end.
A company’s performance has little to do with it’s stock price. Sadly.
When are they going to stop these stock manipulators? I freaking here these guys – they will drive it down then buy a bunch to ride back up – really sucks for us longterm investors.
Pacific Crest — on a wave of crap.
If history counts, there’s almost always a selloff after product announcements. It follows the old buy on rumor sell on news pattern.
When I was working at Kodak, that’s how I played the game. It always worked. But that was without deliberate market manipulator scum screwing up the works.
Well, at least this explains WTF is causing today’s drop.
Pump and dump, pump and dump, that’s the mantra of Wall Street. Shysters.
Worked for me when I worked at Polaroid.
On the other hand (or pocket) they’re probably loading up given the discount.
I agree that this is an intentional manipulation of naive investors. A sell recommendation right before an announcement is intended to dampen any upward price move as their clients buy. (The recommendation to clients who pay for advice and those who get it for free can be the reverse; remember, even Goldman Sax has been known to bet against the very advice they gave their clients.
Time to buy!!!
The trolls try to sabotage Apple before the big event causing AAPL to tank this morning!. Merely manipulation. They dump today then buy tomorrow at lower prices.
Bought some more this am.
I’ve been buying for the long term for years but it still stings to see > 2% movement down.
Staying the course has paid off. Time and again.
What kind of investor fire sales because some talking head spews his opinion online? Do these idiots really think this is the high water mark for the world’s greatest tech. company?
…and I’m sure Pacific Crest has no financial interest in the sell off, right?
Today is perfect storm of bad news
– iCloud debacle (no matter how the blame is shared)
– Samsung Note announcement
– Hargreaves downgrade
– long fast run up to new heights
This will kick out a lot of flakey shareholders who would have sold anyway sometime soon.
Now presents a good buying opportunity.
Now is the time to sell a Put
Samsung Note announcement
Not so fast! I’m NOT expecting any great rush to buy the Galaxy Note 4. Have you looked at that thing? Sheesh.
I totally agree with the rest.
I thought the Galaxy Edge was the ‘new’ thing though it was announced alongside other products including the Note 4.
The ‘unpacking’ was touted in what I had read to be featuring the Galaxy Note 4. I personally didn’t know they’d also be showing off the Galaxy Edge, their 3D virtual gear (which integrates the Note 4) and the prototype new watch. Yes, the Edge is new, along side the other gear.
Better sell Amazon and Tesla as well as they sank just as much! Sell all your stock the sky is falling!
There are way too many pundits out there publishing dribble with no facts or reason to back it up.
“‘We recommend taking profits in Apple,’ said Andy Hargreaves, an analyst at Pacific Crest Securities with an outperform rating and $100 price target on Apple. ‘Unless next week’s event details massive incremental profit opportunities, we are likely to downgrade Apple’s rating,’” Russolillo reports.
This makes no logical sense.
He says the rating is “outperform”, i.e., it’s better to have your money in AAPL than spread across the overall market as AAPL is expected to outperform the market.
Then he gives a projected value of $100, which is ore 3% negative with regard to yesterday’s close.
How is that an “outperform”? Is the overall market expected to drop by well over than 3% over the next few days?
Then he goes on to say that unless Apple unveils items that give “massive” additional profits his firm is going to downgrade AAPL, i.e., change it from “outperform”. Making a ton of money every year and breaking sales, revenue, and profit figures virtually every quarter while the vast majority of companies listed in the market is not the essence of “outperform”?
So if Apple just comes out with a pair of new phones that sell out as usual and Apple has, as usual, a better fourth calendar quarter than last year, his firm is going to downgrade AAPL?
People like this should be publicly humiliated for the idiots and double talkers they are. I wish I had the funds to take out a full page ad in every major financial rag and the opening/home page in every financial web site just to explain how self contradictory and idiotic the vast majority of the analyst statements are!
Surely someone must have a damning list of egregious analyst errors accumulated to clearly show that Anal-cysts “know nahthink, NAHTHINK!”
William Goldman’s quote about the movie studios probably applies to analysts too: ““Nobody knows anything…… Not one person in the entire motion picture field knows for a certainty what’s going to work. Every time out it’s a guess and, if you’re lucky, an educated one.”
Agree 100% they should be exposed!!!
AAPL is making more $$$$$ than ever!!!
😡 So annoying that one article causes the stock to collapse. And the only reason is there own FUD! No facts, no real knowledge about anything Apple is going to announce next week. Second guessing consumers who are all waiting to buy Apple products.
It was my impression that the recent rise in the stock were for the same reasons of “No facts, no real knowledge about anything Apple is going to announce next week. Second guessing consumers who are all waiting to buy Apple products.”