Apple Inc. (NASDAQ:AAPL)’s stock took a major hit yesterday. The company’s stock till Tuesday was sailing smoothly above the $103 mark, but closed at $98.94 on Wednesday. Some people believe that the downturn in Apple Inc. (NASDAQ:AAPL)’s stock is a result of the recent leaks of celebrities photos. Regardless of whether that is the true reason or not, Apple Inc. (NASDAQ:AAPL) is in a complete damage control mode, especially because the company has also planned a media event on September 9, where perhaps it will be unveiling its new devices. So shall investors buy on this pullback in Apple Inc. (NASDAQ:AAPL)’s stock? The Fast money Traders debated on this recently on CNBC.
“There could be more to go. Two things are going on, it’s what’s happening at the company, which is nothing different today, probably and then there is sentiment. […] I can’t think of a stock that is more prone to sentiment changes than Apple Inc. (NASDAQ:AAPL) and it feels like the sentiment is changing […],” Karen Finerman said.
Finerman also revealed that she will just watch Apple Inc. (NASDAQ:AAPL)’s stock right now and she won’t be covering Apple Inc. (NASDAQ:AAPL) Calls that she holds as of now. Guy Adami compared the current situation of Apple Inc. (NASDAQ:AAPL)’s stock to that of September 2012, when the stock started falling after touching $700 levels and fell straight to $525 levels in a few weeks (the prices mentioned are before the seven-for-one split). Adami feels that the same story is getting played out now. He believes that if Apple Inc. (NASDAQ:AAPL) in any way doesn’t delivers on the expectations that investors and consumers have from its September 9 media event, there is a possibility that Apple Inc. (NASDAQ:AAPL) ‘s stock can even fall to the high 80 levels.
As of June 30, 2014, Carl Icahn’s Icahn Capital Management LP owns over 52 million shares in Apple Inc. (NASDAQ:AAPL).
Disclosure: None
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