“Apple shares moved into correction territory on Monday, falling 11 percent from its recent high of $132.97 on July 2,” Reem Nasr reports for CNBC.
“BTIG analyst Walter Piecyk said Apple can shake off the dip if it can increase its earnings next year,” Nasr reports. “Piecyk said the stock has stalled mostly on concerns about whether Apple can grow off the massive December quarter that came with the launch of the iPhone 6 and 6 Plus. ‘Now we’re in the trough period before we get any early indications of how many phones they are actually going to make and what type of improvements they’re going to have in the latest iteration of the product,’ he said.”
Nasr reports, “Most iPhone users have not yet transitioned to the 6, he said, which means there is yet ‘an opportunity to grow those numbers.'”
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MacDailyNews Take: Ah, the summer doldrums.
Apple shares continue swoon – August 3, 2015