Apple Testing $500 Share Level
Ten days ago we talked up the decline of Apple Inc (AAPL) shares, that trend hasn't stopped. Apple is just $9 away from $500 a share.
Apple shares have dropped almost 40% from its 12 month high. That works out to a massive loss of $183.7 billion for the world's most valuable company.
Friday Apple shares lost 3.9% and closed $509.79. Last time we checked in on Apple it was the company's worst day performance in more than four years. The downtrend is inescapable for Apple since December despite rallying a short comeback in late November. Now that Apple is below the $520 share price the next test is $500. Apple is well below its 50-day moving average of $560.05 and 200-day moving average of $609.79.
The analysts are finally weighing in on Apple now that its share price has tanked. This past week UBS changed their price target from $780 to $700 for Apple. UBS still maintains a "Buy" rating on Apple Inc. Jefferies analysts reduced their revenue outlook on Apple this week but still maintain their "Buy" rating. Jefferies has a $800 price target and said they believe the stock is "dramatically under-priced."
MASTERY Bottom line:
Thanks to the decline it could be an invitation to Bob for Apples. Mastery likes getting in on the decline.
Best of the Blogs
Scanning and identifying the best blog entries every hour
The most relevant financial news and articles from the Internets
- The New Bird Flu Will Spread More Easily Among Humans Than Other Bird Flu Strains... | Business Insider
- The Best Way To Test Yourself Is To Start From Nothing | Business Insider
- REVIEW: Nokia's Newest Lumia Still Isn't The Best Windows Phone (NOK, MSFT, VZ) | Business Insider
- ... | StreetInsider.com
- REVIEW: Toshiba's New $2,000 Windows 8 Laptop (MSFT) | Business Insider
- WPP CEO Martin Sorrell Is Targeted In An 'Open Letter' From One Of His... | Business Insider
- Google Considers Outbidding Facebook To Buy Waze... | Business Insider