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Apple’s (NASDAQ:AAPL) stock is losing its gleam and will soon start performing like those of other companies, Yahoo Finance’s Michael Santoli told CNBC’s Fast Money, though he added that the shift would be a positive development. “I feel like you have to put it in context, and say, it’s becoming — slowly — just another stock,” Santoli said. “A huge one, an important one, but just another stock.”
How is Apple Changing?
Santoli said the psychology of asking whether the stock could trade back up to its high of $700 has to change and the company’s dividend yield needs to begin attracting attention. “It starts to matter a very little bit if you say it yields more than treasuries, it’s cheaper than the market, and if you really want to own it as opposed to trade it along with the 75 analysts who cover it, trying to get an edge, then it starts to make sense around these levels,” he said.
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Is the Transformation for the Good?
The financial commentator noted that even though Apple’s stock had fallen substantially over the past few days and trading volume was extraordinarily high, it was still up 66 percent since the beginning of last year and up 33 percent year to date. In addition, the company was still $100 billion bigger than the No. 2 company in terms of market cap, ExxonMobil (NYSE:XOM).
“You hope it becomes just something that’s traded because of what’s going on at the company and for its value as opposed to hopes and prayer and performance reasons and tax reasons and everything else that’s just being handed back and forth,” Santoli said.
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