“Apple’s stock is on track to see negative annual returns for the first time in seven years, extending losses even further on Monday,” Stephanie Yang reports for CNBC. “But the shaky performance isn’t a problem for some market watchers, who say that the popular stock won’t stay down for long.”
“One common concern among investors has been slowing sales and shipments in its flagship product, the iPhone,” Yang reports. “But Erin Gibbs, equity chief investment officer of S&P Investment Advisory, said other Apple products should help bolster profitability as they gain traction.”
Right now we’ve seen a big hit because there’s been some news of slowing iPhone sales. But we’ve known that even though iPhone sales make up about two-thirds of the revenue, a lot of the future growth is expected to come from non-iPhone products like the Apple Watch and the iPad. — Erin Gibbs, S&P Investment Advisory
“When looking at the company’s valuation compared to the information technology sector, this could be a good time to buy, Gibbs said,” Yang reports. “Apple shares have fallen about 3 percent year to date, amid a down year for the broader market.”
Read more in the full article here.
MacDailyNews Take: As we wrote back in January 2012:
AAPL is like a buoy. Quick, it’s back on the surface! You there, analyst, and you, too, swim down and tug on the chain! Drag it under… lower, lower… Good! Now, quick, everybody jump on, and we’ll take a ride back up to the top again!
At the most basic level, it’s extremely simple: Pump, then dump. Foment, then buy. Rinse, lather, repeat as the SEC sleeps.