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http://www.macbytes.com/link.php?sid=20081009095011
After yesterday’s Wall Street carnage, AAPL stood at $89.16, down over 9 percent for the day and 55 percent for the year. It’s been an ugly month.
Of course, to a large degree Apple is caught up in the whirlwind of panic selling gripping financial markets the world over. But other information, particularly the downgrade of the stock by two analysts last week, hasn’t helped either.
Both Kathryn Huberty of Morgan Stanley and Mike Abramsky of RBC Capital downgraded Apple last Monday (Sept. 29), which contributed to that day’s 17 percent drop in the stock’s value. Both analysts pointed to slowing consumer demand as a primary source of concern.
Two weeks ago I wrote on this blog that AAPL was getting hammered unfairly. With its strong growth trends over the past two years and a good earnings report expected Oct. 21, I argued the company was well positioned to prosper in 2009 despite a bumpy economy.
A lot has happened in the past two weeks.
