Why Is Apple Getting Killed?
Today, Apple (NASDAQ: AAPL) stock plunged $18.55 or was down 3.57% of total value. A spectacular drop by any measure ! Since beginning of 2013, Apple stock has lost $49 or roughly down 10% of total value. Even more remarkable is the fact that Apple stock is down over $200 from the high water mark of $705 set in September 2012, or about 28% down from the peak value. Is Apple going back up to $700, or is it destined to go down further? What drove today's slide? Here is what Bloomberg story reported: "Apple Inc. declined to the lowest price in 11 months after the Nikkei newswire reported that production of the iPhone was cut on weak demand." The analysts love to play the herd mentality... Here is what Cramer is saying: ""Even as I see the stock come down to levels that are surprising on a valuation perspective, I can't see a reason to buy more" Cramer identified a handful of developments that may be a cause for concern: - The company has missed Str...