Despite the holiday season being in full flow, and a whole host of new products entering the market, Wall Street is still being unkind to Apple. Hot on the heels of lowered expectations for Apple iDevice sales for 2013, news has come in reporting that AAPL stock has hit a 10-month low of just $509.79. That’s a drop of almost $20 just today. Considering that it hit an incredible $700 in September, Apple’s tumble has been swift.
Reasons for the dip (as noted by Josh Lowensohn of CNET):
- Shareholders selling off their stock to avoid potential extra taxes next year given the “fiscal cliff”
- A lack of huge lines for the iPhone 5 in China, where it went on sale today
- Reports of decreased margins on Apple’s products, leading to less profit
- Less demand for certain parts and components, suggesting a sales slowdown
As always, Piper Jaffray’s analyst Gene Munster, thinks that stock will soon rise again and that none of us should be worried. Once Apple’s final quarter earnings report is in, I’m sure stock will respond positively.