“Apple got hit with a downgrade from Bank of America Merrill Lynch this morning along with Global Equities cutting numbers based on an upcoming disastrous China economy (projecting GDP to decline 2%),” Chuck Jones writes for Forbes. “While it may be a dead cat bounce Apple’s shares are up about $2 or 1.7% vs. the S&P 500 increasing 0.3% and the NASDAQ up 0.8%.”
“For now the recent weakness in the shares from a technical perspective seems to be on hold,” Jones writes. “Volume in Apple’s shares is also running stronger than average but not as much as yesterday’s 123 million shares. As of 12:30 ET Apple had seen about 65 million shares change hands vs. an average for the whole day of 46 million.”
“Bank of America’s Merrill Lynch Apple analyst, Wamsi Mohan, downgraded Apple from Buy to Neutral and dropped his price target from $142 to $130,” Jones writes. “Trip Chowdhry at Global Equities Research cut his Apple estimates based on China’s GDP declining to a minus 2% rate from the current 5% to 7% growth, which is similar to the US GDP decline from 2008 to 2009 during the Great Recession.”
Read more in the full article here.
MacDailyNews Take: Has the bleeding stopped?
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