NASDAQ:AAPL – Apple Shares Continue Slide with Tech Stocks
Apple shares (NASDAQ:AAPL) continue to lose steam today as the overall tech sector is down. Apple shares are currently off -1.64%, down about 4.13 points at 248.23 per share. The NASDAQ index is off -0.78% at 2,299.30.
Despite Apple shares being down over 1.6% today, as I wrote yesterday Apple’s stock price is up over 105% for the trailing 12 months.
Apple (AAPL) chart for today so far:
As you can see, Apple shares started off with a jump as the markets opened. But then, almost immediately, Apple shares took a dramatic nose dive and have been struggling to get back those initial gains.
Some of the concerns that are suppressing not only Apple shares but the market as a whole are the European economic struggles. Despite a massive bailout plan by the European government, the European economy shrugged off that bailout and continues in a downward spiral, dragging the US markets with it.
Apple (AAPL) Analysts Still Calling for “Outperform”
- Barclays Capital analyst Ben Reitzes is “excited” about AAPL because of the iPad. Channel checks continue to indicate very strong sales and corporations are piloting the device at a surprising pace. He believes that his estimate of 1.5 million iPad units for the June quarter will likely be conservative by about 1 million units (that’s a lot of upside). Reitzes reiterates his Overweight rating and $315 price-target.
- Toni Sacconaghi at Bernstein Research believes European currency provides a risk to revenue forecasts for hardware companies. In addition, he continues to believe that 2010 will be a strong year (relatively speaking) and that PC related names are inexpensive at current levels. Toni reiterates his Outperform rating on AAPL and price-target of $300.