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Notable Weakness in Apple: Another Late Day Selloff
Apple Inc. (AAPL) shares are notably weaker in afternoon trading, suddenly off by $4.39, or 2.46%, to $173.80 on a pickup in volume and for a brief moment intra-day touched $172, mirroring yesterday’s late session plunge. Today’s move lower is particularly surprising given that coupled with the fact that unlike yesterday, the market isn’t plunging and the tech sector is generally higher, Oppenheimer analyst Yair Reiner’s initiation of Apple with an “outperform” rating and $235 price target has failed to inspire any positive action. It’s noteworthy to point out that the stock has made a 45.8% run in taking another stab at $200 since early March and has begun to roll over in the past week, but this seems to be more than just profit taking. There is really nothing substantive to report yet, but any rumor or news item that could cause a drop of this magnitude would probably have to deal with a potential delay of a possible June 9th unveiling of the much anticipated 3G iPhone.
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What a rough week, I really don’t understand what could be causing this. I figure its the Lemmings effect, everyones following the profit takers out!?
This does make for a very interesting entry point before WWDC, I really wish I had more capital.
Oppenheimer is one of the most bullish analysts with AAPL, not that its a bad thing, I just think nobody’s surprised to see them so bullish.