Google Inc (NASDAQ:GOOG) shares are beginning to slump after riding high for months – in a fashion that’s similar to the beginning of Apple Inc.(NASDAQ:AAPL)’s fall from grace over the last six months. Of course Google still has a long way to fall before it will reach Apple’s level of losses, but it going to follow in the footsteps of Apple Inc. (NASDAQ:AAPL)?
Only 30 days ago, Google Inc (NASDAQ:GOOG) shares were approaching $900, and investors and analysts alike were speculating that the stock could go all the way to $1,000. Analysts at Credit Suisse increased their price target to $982 per share. But now the stock is heading back down toward $750 per share.
Google’s stock chart shows a steady increase from sometime in October through the early part of March. Then it just starts to fall off. In comparison, Apple Inc. (NASDAQ:AAPL)’s stock charge starts high in October and then falls steadily into the current month. So will we see Google Inc (NASDAQ:GOOG)’s chart follow Apple Inc.(NASDAQ:AAPL)’s over the next six months? And if so, does that mean an automatic recovery for Apple?
CNN Money collected notes written by several StockTwits traders who are starting to become concerned that it may do exactly that. It certainly appears that investors and analysts are starting to become concerned about the Google bubble and whether it has popped.
Of course it is certainly too soon to say for sure if Google Inc (NASDAQ:GOOG)’s stock price will take a cue from Apple Inc. (NASDAQ:AAPL)’s stock price. But with the record high set by the stock earlier this year, it’s only natural to expect a correction of some kind.
The only questions that remain are when the correction will occur and just how far it will pull the stock down.
But in the case of Apple Inc. (NASDAQ:AAPL), what we’re seeing may be more than just a correction. However, we won’t really know unless we see another big tech company, like Google, take a similar dive. Or if Apple Inc. (NASDAQ:AAPL)’s stock jumps back up on the release of an innovative new product that turns heads and spurs sales.