Apple Stock Drops To $400-Range Despite iPhone 5 Success In China
Apple recently announced the numbers for the iPhone 5 launch in China over the weekend, with the company selling over two million devices in the first three days, despite previous reports that Chinese Apple Stores were seeing little turnout for the iPhone 5 launch. Even still, the success of the iPhone 5 in China wasn’t enough to reassure investors’ concerns with a new round of price target cuts and Apple stocks dropping again.
For the first time since February, shares of Apple stock dropped into the $400-range in pre-market trading on Monday due to concerns from a number of institutions that iPhone and iPad demand won’t be as strong as initially believed. As of this morning, Apple shares were down 2.12 percent from Friday’s close to $499.00.
Here’s the funny thing, though: this happens with every release from Apple. Apple continuously outperforms its expectations. Sure, this could be the one time that it doesn’t actually happen, but historically that’s a terrible bet to take. The safer bet to take at this point is to point and laugh at analysts who pretend like they know what they’re doing.
They’re continuously wrong about this sort of thing when it comes to Apple Inc. Apple breaks record after record every quarter, and yet Wall St. says the company is failing to hit targets. Personally, we prefer to actually see what the results are for a quarter before declaring trouble.