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
- We're in a Global Bear Market, Says Leading Technician | Financial Sense
- The Rebellion Is Real; Brexit Was Merely A Warning | ZeroHedge
- Civil Uprising Escalates As 8th EU Nation Threatens Referendum | ZeroHedge
- Why The Brits Really Voted "Leave" (In 3 Simple Cartoons) | ZeroHedge
- "Frack Master" Busted For Blowing Investor Cash On "Whore Card" | ZeroHedge
- W-I-L-D! | ZeroHedge
- Why America Is Likely to Remain a Global Superpower | Financial Sense
The most relevant financial news and articles from the Internets
- This Airbus jet just arrived in New York — and it's Delta, American, and United... | Business Insider
- Why our eyes twitch and 5 other probable explanations... | Business Insider
- U.S. Kids Using Media Almost 8 Hours a Day - BusinessWeek | BusinessWeek
- I let an expert tear my horrible cover letter... | Business Insider
- 6 super-successful people and their most interesting... | Business Insider
- I asked 7 top psychologists to tell me what blows their mind —... | Business Insider
- Hallucinogens Legally Sold as 'Bath Salts' a New Threat | BusinessWeek