After the highly-publicized glitches with its new Maps application for the iPhone 5, Apple Inc. (NASDAQ:AAPL)’s investors have found their own complaint with the company: what happened to the share price?
So much for that recent $700 stock price sticking around. On Wednesday, Apple Inc. (NASDAQ:AAPL)’s shares dropped more than 1%, adding to the week-long decline.
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Just last Friday, Apple Inc. (NASDAQ:AAPL) reached its all-time high at $705.07, when the new iPhone 5 hit retail shelves. Since then, the stock has gone south by almost 6%; it is sitting at $668-hardly an inexpensive stock-and year-to-date, it is still up 64%.
Apple Inc. (NASDAQ:AAPL) also remains as the world’s most valuable company, with its $626 billion market cap.
Looking ahead, with the sale of 5 million iPhones in the first week, Apple Inc. (NASDAQ:AAPL) should see strong revenue and earnings for its upcoming quarterly report, due in October. But as noted by Gene Munster, a Piper Jaffray analyst, sales of the iPhone 5 had been expected to hit six to 10 million.
On Monday, Steve Sears of Barron’s, wrote that the price of many of Apple’s bearish puts were very high. This suggested some investors’ fear for a stock that had increased more than 72% at one point in 2012.
According to CNN, there were some StockTwits traders on Wednesday pondering if Apple’s amazing run may have come to a halt, thanks to the “meh” consumer response to the iPhone 5.
Here’s a few StockTwits anecdotes.
CDM Capital: Jim Chanos opted to get long $MSFT over $AAPL in his Bloomberg interview yesterday, said Apple’s huge rise was perhaps overdone.
You may want to keep your eye on Chanos. Here at ValueWalk, we frequently write about him.
Take a look at our most recent post, where he talks to CNBC about not trusting accounting in China.
Meanwhile, the fall in Apple may have come from a rise in Google Inc (NASDAQ:GOOG) share purchases. This week, the stock reached a new all-time high, partially attributable as a competitor to Apple’s iOS, with its Android operating system.
SteelCahones: So the divergence between $AAPL and $GOOG share prices was $0, and now it’s almost $100…wild couple of weeks.
ankitm514: $AAPL is a solid company with a solid new product. However, -overhyped! Arguably unrealistic expectations from the street.
On the other hand, StockTwits didn’t have a lot of bears in the group.
moteltan: $AAPL lower on good (5m sold) news. Market lower on good data yesterday. They are writing it on the wall for us.
BlackBoxTrader: $AAPL after losing $40 + the probability of $AAPL going lower gets less and less likely
Shaq48_Trading: without the King $AAPL the market just not the same..I guess everyone in line instead of buying stocks $SPY