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    Apple Stock Tanks: Biggest Drop in Seven Years

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    macbook
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    Apple Stock Tanks: Biggest Drop in Seven Years

    Post by macbook on Mon Sep 29, 2008 3:44 pm

    http://biz.yahoo.com/rb/080929/business_us_apple.html?.v=2

    BOSTON (Reuters) - Apple Inc shares tumbled 16 percent on Monday, their biggest drop in seven years, amid concerns the maker of Mac computers and other consumer electronics will suffer as the economy slows.

    Two brokerages cut their price targets, earnings forecasts and stock recommendations on the company, which also makes iPod music players and iPhones.

    "We worry that consensus estimates have not been revised down to reflect slowing global consumer demand and that a broadly positive investment bias ... limits upside to (Apple) shares over the next three to six months," said Morgan Stanley analyst Kathryn Huberty.

    She said that Wall Street remains overly bullish on shares of Cupertino, California-based Apple, with 27 of 32 analysts "overweight" on the stock. Morgan Stanley cut its price target to $115 from $178 and its recommendation on Apple to "equal-weight" from "overweight".

    She also cut her fiscal 2009 profit forecast to $5.47 per share from $5.91.

    Including Monday's decline the stock has lost more than one third of its value over the past month.

    RBC Capital analyst Mike Abramsky said in a note to investors that the percentage of consumers planning to buy a personal computer over the next 90 days who intend to get a Mac rather than PC from another manufacturer posted its biggest decline in the last two-and-a-half years from August to September.

    He cited results of a monthly survey that his firm conducts with research firm Changewave that looks at demand for PCs from Apple, Dell Inc, Hewlett-Packard Co and other manufacturers.

    Abramsky downgraded the stock to "sector perform" from "outperform" and cut his price target to $140 from $200.

    He cut his earnings forecasts for 2008, 2009 and 2010. Shares of Apple fell $20.36 to $107.88 in heavy morning trade on Nasdaq.

    Hewlett-Packard, the world's biggest PC maker, fell 1.9 percent on the New York Stock Exchange and Dell fell 4.3 percent on Nasdaq.

    Research in Motion Ltd, maker of the iPhone rival BlackBerry device, fell 3.3 percent on the Toronto Stock Exchange.
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by icoke on Mon Sep 29, 2008 6:17 pm

    this isn't good at all, i guess the economy is so horrible
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by macbook on Mon Sep 29, 2008 7:29 pm

    yeah, the economy is bad, so people are spending less money right now
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by twoodcc on Tue Sep 30, 2008 3:14 am

    well, hopefully it won't go down too much farther
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by blade on Tue Sep 30, 2008 4:22 pm

    at least it went back up some today


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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by twoodcc on Wed Oct 01, 2008 3:21 pm

    yeah, yesterday it when back up by around 8%
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by venom on Tue Oct 07, 2008 7:15 pm

    well it's down big time today. it dropped $8.98, so it's now $89.16
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by twoodcc on Tue Oct 07, 2008 7:34 pm

    dang, not good
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by krypto on Tue Oct 07, 2008 8:16 pm

    for real, maybe it'll start going back up
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by venom on Tue Oct 07, 2008 8:22 pm

    i doubt it
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by krypto on Tue Oct 07, 2008 8:37 pm

    eventually
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    venom
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by venom on Tue Oct 07, 2008 9:39 pm

    we'll see
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by macbook on Tue Oct 07, 2008 10:52 pm

    hopefully it'll go up tomorrow
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by dmxplosive on Wed Oct 08, 2008 1:02 pm

    it's up $1.87 so far today - $91.03 total
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by twoodcc on Wed Oct 08, 2008 4:18 pm

    now it's up $4.32 today!

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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by G3 on Wed Oct 08, 2008 5:50 pm

    that's a start
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by twoodcc on Wed Oct 08, 2008 7:43 pm

    well, it went back down some. still up $0.63 for the day though
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by dmxplosive on Thu Oct 09, 2008 12:49 am

    at least it was positive for the day
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by twoodcc on Thu Oct 09, 2008 1:54 pm

    well it's up $3.12 for the day so far
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by macbook on Thu Oct 09, 2008 5:00 pm

    well that's good
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by dmxplosive on Fri Oct 10, 2008 1:05 am

    well it ended today at -$1.05
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by twoodcc on Fri Oct 10, 2008 1:58 pm

    well so far today it's went up $3.16 - $91.90 total
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by dmxplosive on Fri Oct 10, 2008 3:56 pm

    well now it's up $4.35 today
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by venom on Fri Oct 10, 2008 6:16 pm

    it'll probably go down next week
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    Re: Apple Stock Tanks: Biggest Drop in Seven Years

    Post by macbook on Mon Oct 13, 2008 1:51 pm

    well it's up $17.23 today, now it's $105.97. that's a 19% gain today so far

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