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UPDATE, 1:25 PM: Apple ended the day at $485.92, -3.2% — the stock’s lowest closing price since February 8, 2012. The performance stood in contrast to the slight rise in both the Dow Jones Industrial Average and Standard & Poor’s 500. Investor concerns about how much and how quickly Apple can grow are sure to weigh on CEO Tim Cook as he prepares to talk with analysts on January 23, when the company releases its earnings for the last three months of 2012.
PREVIOUS, 8:13 AM: It’s just a number with two zeros. But it would be a vivid indication of how much investor enthusiasm for the iconic tech company has diminished since shares hit a 52-week high of $705.07 in September – the day it released its iPhone 5.Apple shares are already down 2.8% from yesterday’s closing price of $501.75, selling for prices investors haven’t seen since last February. This morning Nomura Securities reduced its price target to $530 from $660. Apple came close to dipping below $500 in December, but rebounded. Many investors continued to sour on Apple following reports that iPhone 5 sales are falling short of expectations, leading the company to cut production orders. Some analysts also fear that Apple will report disappointing demand for iPads as rivals flood store shelves with less expensive tablets. Google’s Android operating system seemed ascendant at last week’s International CES in Las Vegas. It was ubiquitous reflecting “a pervasive sense that Android is the infotainment platform for new consumer electronics beyond phones and tablets,” Barclays Equity Research’s Anthony DiClemente says.
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Tip: This is great for anyone looking for a “cheap” way in to Apple shares before the company releases their Apple TV in the next year or so, revolutionizing television forever. Shares will double by then again.
Dream on.
At $488 and falling…
This would have been great in 2007 when flatscreen TV’s had great margins on them. Thanks to aggressive competition, the TV market is way over saturated and it’s a race to the bottom for prices. The major Japanese manufacturers like Sony and Panasonic have been losing money hand over fist over TV sales because of the gradual declination of prices among other things.
Given people don’t replace their TV’s with the frequency of computers, and that many manufacturers (cough, Samsung, cough) already have Smart TV’s out already, this could be another Pippin for Apple (anyone remember that? Of course you don’t).
“a pervasive sense that Android is the infotainment platform for new consumer electronics beyond phones and tablets,”
I’m pretty sure that’s not english.
Pretty sure it is, as I understood every word.
Too many funds, too many analysts and the iTV. Hope for $450 and BTFD.
That’s what you get for exploiting Chinese workers…. Oh, and for making crappy products.
Apple’s profits will be fine. The future really focuses on two major issues. How much will the competition eat at Apple? What new toys is Apple bringing to market including Apple TV?
A third issue cannot be addressed. How do you replace the ‘guru’ leadership and creative insight of Steve Jobs?
Apple isn’t going anywhere… but exactly where is not known either. Apple needs to add product and outdo the competition at reasonable price points while working on its tarnished labor image.
And, all of this is without the security of knowing that Steve is watching over all things Apple.
Apple are pricing themselves out of the smartphone/ tablet market. You don’t need to be a tech guru to figure that out. Doubtless the iTV will be ridiculously expensive, and only the Apple fanboys will be shelling out for it. High end consumer electronics have never been cheaper, and Apple’s competitors are supplying them by the boatload. Apple obviously didn’t get the memo.
No point in shelling out $700 for an iPhone [that cost Apple about $187 to produce] when you can have other products that are just as good, and some even better, for half the cost.
This is blatant stock manipulation.
Last summer’s Apple stock surge led to a massive amount of call options speculation, a large portion of which were calls with a strike of around $500, $550 and higher that expire… January 19. Now imagine you’re one of the institutional money managers who wrote those call options, bought common stock to cover, and now stand to make piles of profit if those options expire while Apple’s below $550 or even better $500 – rendering them worthless – and then Apple rallies back toward its true valuation after its massive holiday quarter revenues are released on January 23.
There is simply no truth to the assertion that “iPhone 5 sales are falling short of expectations, leading the company to cut production orders”. In fact, the opposite is true: the iPhone continues to sell like hotcakes, while Apple has improved manufacturing yields.
Then why was there a report that Apple has CUT its supply orders in China? Someone isn’t telling the whole story? Apple is gradually pricing itself out of the smartphone market. Yeah there are still people willing to plunk down big bucks, but less and less.
I just got a new smartphone I had my choice of a FREE IPhone 4 or a Nokia Lumina which I had to pay 50 bucks for, guess which one I chose? Nokia, and I wouldn’t have made any other choice
Guess I should have sold my stocks. Aw shucks, I’ll get ‘em next time.
The more I hear this “imminent” apple tv BS the more it sounds like some random batshit conspiracy theory. Like UFO’s and aliens, I’ll believe it when I see it (which increasingly looks less likely with every year).
$350 by years end….this company is way over valued…it’s best days are behind it (trust me)
You’d think the people second-guessing Apple would have learned from being so wrong before. I still remember when the PC crowd would try to act cool when discussing Apple in the 90s: “Hey, Apple’s got a great product, but they’re just way overpriced. They should forget making hardware and just focus on licensing their OS — that’s where it’s all happening these days.”
Then, in the Aughts: “You know, the iPod’s neat. But there’s no way Apple maintains market dominance for more than one year with it. Because Microsoft’s going to be coming out with the Zune. No way Apple’s going to be able to compete with the Zune!”
When the iPhone was released: “People aren’t going to buy this. Revolutionary products bubble up from third party, guerilla tech companies that subsequently get bought up by Microsoft. No one’s going to go for this top-down, Apple approach!”
When the iPad was released: “It’s just a big iPod touch! Who wants this? It doesn’t have a keyboard! And hey, if Gates couldn’t make tablets work, there’s no reason to think Apple can now!”
There are always going to be bumps in the road. Apple’s only problem right now is the stupid people have come to expect revolutionary products on a regular schedule. Notice how no one expects Google and Android to do anything revolutionary, ever. But if Apple doesn’t amaze every quarter somehow that’s a failing.
Truly revolutionary products take time. Remember Jobs came back to Apple in the 90s, and he didn’t bring Apple to its recent heights until the last decade.
Yep nailed it right on the head.
Google’s a totally boring company that’s not doing anything interesting. I mean a car that can drive itself? Yawn, how boring and cliche.
Apple on the other hand really wowed me with the latest iPod that has a bigger screen that can fit another row of apps on it. Take that you Google posers!
I honestly think the biggest lesson in this is that the stock market, as a whole, is not an “investment,” but a “speculation.” Meaning, a bet. Apple’s fundamentals and cash on hand suggest a valuation far, far above what it’s trading for today. But it’s a herd mentality, and momentum is everything – at least for a while. If consistency of profit was what drove stock prices, Apple would still be near its high.
Apple iOS products cost more upfront, but are a better long-term value because they provide much better long-term software support.
Android software support after the sale is hit and miss, and there are a LOT of orphaned phones out there that are only two years old.
As for the labor issue, the reason you don’t see any of Apple’s competitors advertising directly against that is because they’re all using Foxconn or similar suppliers.