Apple the Number of the Beast?
Apple Inc. (AAPL) is hanging out at $666 a share. You know that number don't you? Its the Devil!
Thanks to the flub with Apple's own iOS Maps its been a reason to sell the stock. Its really a big whatever and in a few weeks from now we will all forget about why Apple shares backed 6% from its 12 month high.
Apple shares have traded between $354.24 and $705.07 over the past 12 months. Even with the evil share price Apple has a respectable P/E Ratio of 15.5 and EPS of 42.54. The WSJ.com today talked up more possibilities of the iPad Mini being prepped for the masses. Reporting that Apple's (AAPL) suppliers have begun manufacturing the Mini which will have a 7.85" screen vs. 9.7" for the regular iPad and 7" for Google's (GOOG) Nexus.
If the rumors are true about an iPad Mini then back we go to $700 a share. That will put Apple Inc back on track and to that $1,000 share price by 2015 (or before)
MASTERY Bottom line:
Apple has backed down from its $700 high range. Time to start thinking about adding a small position.
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