Apple Stoops To This New Low
Apple shares have dropped more than 20 percent over the past 52 weeks, while the S&P 500 index has gained 10.49 percent in the same period. The stock has fallen more than 38 percent since closing at a record high of $702.10 in September as of the close of trading on Thursday. Worries that sales of the company’s bestseller, the iPhone, are falling, as well as concerns about possibly dropping gross margins, have taken a toll.
There is an ongoing debate on Apple’s future prospects. Mark Mulholland, the portfolio manager of The Matthew 25 Fund, told CNBC this week that while the stock had lost momentum, it had significant upside left in it. “I always think everything comes down to three issues: It’s value, growth, momentum,” he said. “If you can get all three, it’s perfect. If you get two out of three, it’s pretty good.”
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