“Stocks found their bottom by mid-afternoon Wednesday amid losses in the tech sector,” Keris Alison Lahiff reports for TheStreet. “The S&P 500 fell 1.1%, and the Dow Jones Industrial Average was down 0.74%. The Nasdaq slid 1.8%. Stocks had declined sharply earlier in the day to sit at current levels.”
“Apple weighed on the tech sector, falling more than 2% after reportedly suspending plans to launch an online TV service, according to Bloomberg,” Lahiff reports. “The tech giant will refocus its energy into filling its App Store with content from media companies. Apple reportedly ran into difficulties with programming costs.”
“The tech sector was the worst performer on markets Wednesday as tech giants including Amazon (AMZN), Alphabet (GOOGL) and Facebook (FB) dropped,” Lahiff reports. “The Technology Select Sector SPDR ETF (XLK) fell 1.6%.”
Read more in the full article here.
MacDailyNews Take: Why a severely undervalued stock would fall because an unannounced service is “delayed” is beyond reason.
Reason has nothing to do with the price of stocks any more.
Nor the sad the state of the union.
well, as john maynard keynes is said to have said
“markets can stay irrational longer than you can remain solvent”
Sounds like collusion on the part of the broadcast stations.
Hello U.S. DOJ!!!!! This sounds like hurts consumers. How is that not against the law?
Maybe judge (cough, cough) Cote can explain at the difference to me.
I think the US stock market is more like the world’s largest casino. Reason has no place there.
Except the game is rigged FOR people who recognize Apple is undervalued. Even if it always remained undervalued that would mean the return was still better than for slower growing companies.
Don’t complain when the market offers you a stock for less than it is worth. Buy some and some champagne too!
I tell myself this is simply another opportunity for Apple to buy back more shares. Other than that, this is just another day of an Apple shareholder’s roller-coaster ride on a stock going nowhere. Apple with a P/E of 12.X drops more than Amazon with a P/E of around 950. Betting in a casino nearly offers better odds than betting on Apple to go up.
Comparing P/E isn’t going to tell you much if either company has a policy of reinvesting everything as Amazon does.
Amazon is only worth 3.5x revenue, is growing extremely fast on multiple fronts, and is becoming the “Google” of shop search with Prime membership creating extremely loyal and high spending customers. (95% retention rate!)
Apple is great. Anyone who doesn’t recognize that Amazon is also great in its way shouldn’t be buying, selling, or analyzing stocks.
I prefer to buy companies that, one, make money, two, that make money in an obvious way that makes sense to me. (Remember Enron?). And three, make real money rather than just undercut others.
That is why Apple is incomparable with Amazon. Yes, plenty of fools have made money on Amazon shares. But that is because there has always been a “bigger fool” to sell appreciated shares to. I prefer not to play the “greater fool” game, which is basically a game of musical chairs. One day the music will stop for Amazon.
Wall Street analysts agree:
when the Dollar goes up it’s bad for Apple but good for Amazon,
but when the Dollar goes down it’s good for Amazon and bad for Apple.
/s
Incomprehancably absurd isnt it !
MDN.. Bulls eye!
The fact is…markets move. Nobody “knows” why a particular stock, index, or commodity moves at any particular moment. But it’s human nature to look for patterns, or reasons, so the news reports it. These explanations are best disregarded 100% of the time.
Millions of people own Apple stock. Some are investors and some are gamblers. Some are market manipulates and som are fraidy cats. Some respond to analysts columns and some do not. Each day Is a small number of trades compared to the whole. Today it was the fraidy cats, tomorrow it will be the investors and the stock will rise.
I also think the big, fast (i.e., microsecond) electronic trading that is done by computers at companies like Goldman Sachs move the markets unnecessarily for many shares. Those computers never get tired.
The US ought to outlaw them, as Europe has done.
Dear WallNut Street,
Who you should be punishing are THE MEDIA COMPANIES! Apple is defining the future. The media companies are defining the past. Pay attention! (0_o)
APPL is falling for one simple reason: Oil!
Hedge Funds are having to again shore up their positions in Oil, so they take from safe haven Apple Inc. and cover their positions in Oil. Simple as.
Just wait for the US Interest rate hike & watch them all come back to safe haven, Apple Inc.!