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
- Forex Scandal Exposes Difficulty of Financial Regulation | Financial Sense
- Credit Markets Signaling Near-Term Caution | Financial Sense
- Senior Citi Banker Found Dead In Bathtub With Slashed Throat | ZeroHedge
- The Next QE? Switzerland Prepares A "Living Wage" Of $2,600 For Every Citizen | ZeroHedge
- FOMC Minutes Show Deflation-Wary Fed Not Worried About Global Growth | ZeroHedge
- 6 Months Before The Fed Is Said To Hike Rates, It Still Has No Idea How It Will Do That | ZeroHedge
- Shocking Pictures Of A Russian Potash Mine Disaster | ZeroHedge
The most relevant financial news and articles from the Internets
- The British Government Has Given Up On Cutting The Deficit | Business Insider
- LEAKED: Internal Uber Deck Reveals Staggering Revenue And Growth Metrics | Business Insider
- Ebola-ravaged Guinea qualify, Nigeria out | Business Insider
- European Countries Are Going To War With Each Other Over Their Budgets | Business Insider
- Programmatic Ad Spending Is Exploding, Driven By Major Investments In... | Business Insider
- JACK MA: This Is Alibaba's Most Dangerous Moment | Business Insider
- Former Senator Jim Webb Just Launched His 2016 Presidential Exploratory... | Business Insider