Relax, Apple is Just Having A Bad Day
It’s true what they say — the bigger you are, the harder you fall. Apple (NASDAQ:AAPL) proved that on Monday when its shares plunged $25.
The figure was certainly large enough to shock Apple proponents, who have been busy bidding up the company’s market value into numbers surpassing the $1 trillion mark.
Shares of Apple fell for a fifth straight day on Monday, closing down 4 percent in the largest one-day decline since October. Many analysts have speculated that demand for the iPad may decline and that wireless carriers will cut their iPhone subsidies. Last week, Wedge Partners analysts climbed up on their soapboxes to warn the public that demand for Apple’s new iPad is beginning to wane. They also hinted that Apple’s earnings report would indicate weaker-than-expected tablet sales.
However, not everyone on Wall Street is concerned with the speculations and Apple’s decline on Monday. In spite of jitters over Apple’s Mac computer business, which is said to be on the verge of a product cycle refresh, Piper Jaffray’s Gene Munster reiterated his Buy rating and $910 price target .
Not all companies will have perfect days. And surely Apple does not mind having a few off-days after adding $206 billion in market capitalization in just four and a half months.