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
- WTI Crude Tumbles To $43 Handle As Demand Fears Grow | ZeroHedge
- Sell in May and Buy Back Higher in November | Financial Sense
- Ron Paul: "Our Economic System Is Designed To Fail" | ZeroHedge
- Ken Rogoff's Shockingly Simple Advice To Emerging Markets: Hoard Gold | ZeroHedge
- "Unexpected" Australian Rate Cut To Record Low Unleashes FX Havoc, Global "Risk Off" | ZeroHedge
- Chipotle Mexican Grill Stock Analysis 5-2-2016 (Video) | ZeroHedge
- Aussie Dollar Crashes Through Key Support After "Surprise" Rate Cut | ZeroHedge
The most relevant financial news and articles from the Internets
- An Italian court ruled that stealing food shouldn... | Business Insider
- America's Best Young Entrepreneurs 2011 | BusinessWeek
- Yahoo has been 'welcoming' to the new... | Business Insider
- This 'Game of Thrones' star says he still thinks Jon... | Business Insider
- Donald Trump twists the knife in 'wacko' Ted Cruz after Indiana win... | Business Insider
- Jimmy Kimmel rips Sarah Palin for 'offensive and dangerous' climate... | Business Insider
- I learned the hard way there's a HUGE hidden cost to switching cell carriers —... | Business Insider