Apple shares gave back some of the prodigious gains made in recent weeks as the Federal Reserve signaled that interest rates will rise spurring widespread selling of tech stocks.
Still, the drop doesn’t necessarily indicate any big problems at Apple (ticker: AAPL). Apple shares had been on fire: from Nov. 11 through yesterday’s close. The stock rallied 21%, in a period when the Nasdaq Composite was basically flat and the S&P 500 was up 1%, leaving the stock a hair’s breadth away from hitting a market cap of $3 trillion for the first time. It seems reasonable to expect a little profit-taking.
Another potential concern for Apple: Several analysts noted that new data from China shows that iPhone sales there were up 4% on a year-over-year basis in November, off a very difficult comparison. In the year-ago month, China iPhone sales had spiked 90%…
UBS analyst David Vogt notes that on a trailing three-month basis, iPhone unit sales in China are up 32% year-over-year. He estimates that for the year to date, China iPhone unit sales are up 28%, despite component shortages.
MacDailyNews Take: Oh, no, iPhone unit sales are only up 28% in China year to date!
Sell! Sell! Sell! (dripping sarcasm)
Discount AAPL sale! Never pass up an opportunity to profit from irrational panic. – MacDailyNews, November 26, 2021 (on which day, AAPL closed at $156.81)
Own it, don’t trade it.
Be fearful when others are greedy and greedy when others are fearful. — Warren Buffett
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The hedge funds are making money on the dips