“At the beginning of the month, there was plenty of optimism over the U.S. and China reaching a trade deal,” Bret Kenwell writes for TheStreet. “A Twitter rant from the president put those assumptions on hold and infused a new bout of volatility into the market.”
“So far, U.S. equities have handled the news pretty well, while stocks like Amazon, Netflix and Facebook doing their best to hold up,” Kenwell writes. “But Apple stock hasn’t been as resilient, in part because unlike the three other companies just mentioned, it has much more exposure to China.”
“$185 acted as support in March while Apple stock was working up the strength to push above its 200-day moving average. After coming off a post-earnings high near ~$215 in a rather orderly selloff, shares again found support at $185 — and again just below the 200-day,” Kenwell writes. “This time, the 200-day acted as resistance and $185 eventually failed after a week of support… Look for Apple stock to reclaim $185 and $191, or see if it works its way down to $175.”
Read more, and see the chart, in the full article here.
MacDailyNews Take: Apple shares are already on sale. $175 would be a deep discount sale!
With as much money Apple is spending to buy back shares, it’s just so disappointing to have Apple being one of the worst performing major tech stocks around. I know in the short term it doesn’t mean all that much but it’s still embarrassing to some degree. To think of all the cash Apple has to diversify its revenue stream, Apple can’t seem to manage to make the proper choices. I think over the last 52 weeks, Apple’s share price has gone up around 1% or maybe less after today. Absolutely pathetic for Apple to be barely treading water. I can only be thankful for the dividends Apple is providing because Apple’s performance is downright lousy. I suppose Tim Cook is satisfied and maybe I also should be for things not being worse.
There may be some overall volatility in the market but Apple is really taking a nice beating on its own. Well, of course, that includes loyal Apple shareholders. At least the share count is dropping but one can’t tell there’s any benefit from that unless one looks at the actual share count. Oh, well, let’s hope tomorrow is better.
Tomorrow will be better. In 2021, when a competent president is installed by a voting public that takes the partisan veils off their eyes.
“Competent president.” By which I assume you mean like the parade of establishment fools (to varying degrees) who preceded him from Bush to Clinton to Bush to Obama (the biggest fool of them all) who gave the store away to China and others, hollowing out the middle class, basically destroying the American dream for tens of millions of American citizens.
Wonderful. Let’s return to smooth talkers and “nice guy” politicians who read the “right things” off teleprompters in front of cameras, but who do all the wrong things for America at the bargaining table. That’s really smart.
Anyone who prefers slick teleprompter readers to a transformative, non-politician President is a moron.
What’s this? Trump also uses a teleprompter? Well everything is okay because he’s wagging his finger, blowhard style. We should all feel safe now because Trump rants are sooooooo effective.
Tim Cook puts all of his eggs in one basket. 100% iPhone. Major part of the Services revenue and profit comes from the 30% tax to developers. All manufacturing is in a communist country. Apple underperforms because Wall Street has no respect for him. The new TV app is beyond awful. Amazing that Tim could have purchased Netflix for 20B when they purchased Beats. No timely updates on any products, marginal improvements to the iPhone.No branded monitors.No WiFi routers. Air Pad was vapor wear. All of this will catch up and it is beginning to. I predict Tim will retried within 2 years.