Apple stock now officially in correction territory as it crosses below key technical level

“Apple Inc.’s stock dropped 2.4% on Monday, to officially enter correction territory for the first time in 7 1/2 months,” Tomi Kilgore reports for MarketWatch.

“The blue-chip technology company’s stock closed 10.9% below the Feb. 23 record close of $133, and at the lowest since Jan. 30,” Kilgore reports. “Many view declines of up to 10% from a significant peak a pullback, and declines of at least 10% to up to 20% a correction.”

Kilgore reports, “The stock, which eased another 0.1% in after-hours trade, has lost 8.2% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.”

Read more in the full article here.

MacDailyNews Take: Bad Apple, reporting record Q3 results, bad Apple!

SEE ALSO:
Apple earnings: Good is never good enough – July 22, 2015
Cowen downgrades Apple on record quarterly earnings results – July 22, 2015
For Apple, more success raises more questions – July 22, 2015
Sorry, haters: Tim Cook confirms Apple Watch sales are much better than you think – July 22, 2015
Here’s how many Apple Watch units Apple sold – July 22, 2015
Drudge screams: ‘APPLE FUTURE QUESTIONED’ – July 21, 2015
Apple poised for $50 billion valuation loss after posting ‘disappointing’ record earnings – July 21, 2015
Apple shares plunge after ‘disappointing’ record third quarter results – July 21, 2015
MacDailyNews presents live notes from Apple’s Q315 Conference Call – July 21, 2015
Apple pulverizes the Street with record third quarter results – July 21, 2015

29 Comments

          1. Yes Queen, my money is in AAPL. Many many shares of AAPL. But I also purchased a number of near-term puts in AAPL just before earnings. They have worked out nicely and appear to be looking even better going forward. I’m certainly not underwater in AAPL Queen. It’s the stock market, learn how to invest or sit on the sidelines. And that’s an opinion that you should heed Queen.

    1. “Big media” would have us believe AAPL is always going down, since significant increases are less often highlighted. In the real world, one year ago, AAPL was in the mid-$90 range and stuck there for a while before breaking to out all-time-high territory. Now the near-term “low” (the so-called “correction territory”) is much higher.

      This just means a good time for Apple to exercise some of that stock buyback authority. 🙂

  1. “Correction territory.” What’s that? We are and have been for a long time in Tim Cook territory. There is no way out of that as long as Tim is CEO. Roll out all kinds of “street smashing” earnings, watches, new iOS, new OS, faster, more powerful, etc., etc., all you want. No matter what, you will have all the opportunity you could ever want to take advantage of “correction territory” so help yourself.

    And, oh … if you iCaled my predictions of the last couple of years, time to call me on it. Oh, wait … I’ve been right. Still am.

    1. Which predictions would those be, Oh Jay?

      – That Apple continues to be the most successful company in the history of the planet?
      – That Apple continues to be MULTIPLES larger than all others.
      – That Apple continues to be the company that almost all other computer and phone companies imitate, because they have no clue what to do without looking at Apple.

      Aaaand – why are you still here? Don’t you have a Winblows or Linux computer to buy?

      No? Why not? Oh, because Apple is, by far, the best. In that case, please just stop with the drivel… like you said you would.

    2. Just looking at the AAPL five-year chart is enough to “call you on it.’ No iCal needed.

      When Tim Cook officially became CEO (August 2011), AAPL was $50-$50 (using post-split price). AFTER he became CEO, when Apple kept succeeding and the stock market was generally positive, AAPL had an epic and steep run-up to just over $100 ($700 pre-split price). Remember that…?

      Then, there was a period where AAPL dropped back down down (just as quickly) into the $50-$60 range. That’s when the anti- Tim Cook noise was the loudest. Since then, the chart shows a more or less steady climb, marked by new all-time highs with near-terms lows. Each near-term low point is higher than the last. Please note that AAPL in the current “correction territory” is about 20% HIGHER than that epic “$700 a share” (previous) high point.

      The “get rid of Tim Cook” noise is now generally muted. (Until some morons comes out of hiding when AAPL hits a near-term low.) 🙂

    1. Please do buy back as many shares as you can, Apple. It is heart wrenching to see Apple drop so bad. It’s currently lowered to 0.57% ; -0.68 after hours; it might even drop further tomorrow, to $105.
      I should change my screen name to iCry :(.

  2. It’s not ‘correction territory’, it Apple’s ‘buy back territory’. That’s where my stock eventually goes up because there aren’t as many shares. Let’s head for ‘tanking territory’.

  3. Every article I read says that the stock goes down because investors and analysts are concerned about the growth potential of the company.

    Do they even look back and realize how dumb they were by voicing concerns and then be proven SPECTACULARLY wrong, record quarter by record quarter by record quarter for YEARS?

  4. If you are looking for a culprit, don’t look at the Wall Street. It is Tim Cook’s one failure after another that is hurting the stock. He wasted $120 billion of Apple money in paying dividends and buy-backs. It did not help the stock one bit. This money should have been invested in M&A, building cloud services, etc. There is not one thing he has done that could be compared to Steve’s contribution. Map’s disaster, Microsoft like Os for the Watch, and more recent highly confusing Apple music user interface. What was that $3 billion feast for Beats friends? In what way Apple Music is better off because of Beats? There is not one thing Tim has done that would inspire confidence in Apple’s future. iPhone and iPad are basically the same where Steve left them. The problem with Tim is that he is not a deep thinker and he does not pay attention to details. He was wearing the Watch for 6 months. What did he do to improve the user experience? Nothing. The problem with people like Tim is that they stick to the company they are slowly destroying for a long time. The get fired when they complete the job of destruction. Sad days ahead for Apple, indeed.

    1. Never heard so much false nonsense! No new products since Jobs died? No money left to invest? Dividends a mistake? Not to me buster. I get $20,000 a year in AAPL dividends! And I bought at $6 a share!

      1. Who do you call a buster? Mind your manners if you have any. Nothing in my post is inaccurate. Watch is the only new product after Jobs and it is at best a work in progress. Watch OS sucks. Your dividend greed is punishing the stock. Apple is not viewed as a growth company because of div and stock buys. If you bought at $6 then sell it now before your gain is dramatically diminished. Check your facts before you post nonsensical rebuttals.

        1. But but but I’m Buster. You make it seem like being a Buster is a bad thing!
          Besides, the watch OS doesn’t suck. Every single person I know that owns lone absolutely positively LOVES it. Tflint was wrong, you are not a buster but rather a twit.

  5. Chevron profits are down 90% and their forward PE is 15. Apple’s profit is UP 38% and their forward PE less cash is 8 (20% projected growth in earnings over the next year). One year from now AAPL’s forward PE less cash could be 6.

    At the current price per share (around $118) investors apparently believe Apple is one of the worst investments in the entire market, including precarious companies like Chevron. Apparently, they also believe Apple is on the brink of going out of business. Does that make sense?

  6. Been here before and then some.
    2007: Stock hit 200 (pre-split). I owned stock and held. Then tanked to ~70. I bought as much stock as possible.
    20012/13. Stock hit 700 (pre-split) and then went down to $400. Held onto the stock.
    Gain in price since 2007 bottom is 1100%. Out of Google, Netflix and Amazon, only Netflix has higher stock price growth.
    So I know what I am going to do.

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