“Apple Inc. shares were trading lower by $0.50 at $105.26 in Monday’s session,” Joel Elconin reports for Benzinga. “It rallied $16.80 from its low off the open ($92.00) to $108.80 before falling back to its current level.”
“After a sharply lower open ($94.87 vs. Friday’s close of $105.76), it revisited levels not seen since June 30, 2014 at $92.09,” Elconin reports. “That was put in place as the issue was on its march to its all-time high on April 28 ($134.54) that was made following a better-than-expected Q2 earnings report.”
Elconin reports, “The issue, which turned north well ahead of the broad market, was deluged with sell-stops and margin selling that were the major factors for such a sharp decline.”
Read more in the full article here.
MacDailyNews Take: Hopefully you didn’t get negatively impacted with any AAPL sell-stops this morning!
SEE ALSO:
Apple CEO Cook may have violated U.S. SEC rules with email to Jim Cramer – August 24, 2015
Apple, after big drop, leads recovery of Dow Jones Industrial Average – August 24, 2015
CEO Tim Cook to Jim Cramer: Apple is seeing strong growth in China through July, August – August 24, 2015
Apple crashes under $100 in pre-market trading as tech stocks set up for dismal day – August 24, 2015