“”Few tech companies get the attention from consumers and investors that Apple does,” Rex Crum reports for TheStreet. “That attention is likely to reach fever pitch as anticipation builds for the next iPhone, which if the company follows its usual pattern, will launch in early September.”
“But adding to that attention is a slice of negativity of late,” Crum reports. “Since the company released its third-quarter results on July 21, Apple’s share price has fallen by around 12%, closing at $115.13 on Thursday. Investors are concerned the company has hit a growth roadblock, which they blame on everything from uncertainty over the Chinese economy to concerns about the initial acceptance of its new Apple Watch.”
MacDailyNews Take: “Concerns.” Unfounded and unsupported by facts, but “concerns” nonetheless. The mere existence of “concerns” is all that really matters in the fantasyland of eminently dupable retail investors.
Through the end of the quarter, in fact the Apple Watch sell-through was higher than the comparable launch periods of the original iPhone or the original iPad. And we were able to do that with having only 680 points of sale. – Apple CEO Tim Cook, July 21, 2015
Meaning some number over 3 million units (which is what iPad moved during a comparable period of time). With sales picking up during the last two weeks of the quarter as Watch production was finally able to satisfy millions of pre-orders and the Watch began to hit retail stores.
But, but, but.. “concerns.”
“‘The stock has broke down technically,’ said Gene Munster, who covers Apple for Piper Jaffray. ‘That has fueled these concerns,'” Crum reports. “However, over the last few years, Apple has often seen volatility in the roughly seven weeks between its summertime earnings report and its iPhone-related shindigs. Almost every time, these periods have ended with Apple’s stock price recovering and setting the company up for more gains into the end of year.”
Read more in the full article here.
MacDailyNews Take: It’s always darkest before the dawn.