“Apple Inc. shares may be too hot for their own good,” Sue Chang reports for MarketWatch. “The stock has steadily climbed since the beginning of the year, making it among the top performers in the market year to date. But its phenomenal success has also put it right in the heart of “extreme overbought” territory, triggering fears that Apple shares are ripe for a major correction, according to Bespoke.”
“‘It’s currently at the very top of its uptrend channel, so we would expect some sort of ‘cool-off’ period to begin soon,’ Bespoke said in its analysis,” Chang reports. “At the rate it’s going, Apple’s market cap may even top $900 billion in a few months, according to Wall Street.”
Chang reports. “Of course, Apple fan and major investor Carl Icahn argues the market is undervaluing Apple. He said earlier this month that the stock is worth $216 a share, which would give it a market cap of $1.3 trillion.”
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