Apple shares topped out on April 10 at $644. Investors were in a state of euphoria as price targets were raised by some analysts as high as $1000 a share.
But just as suddenly, the tide has seemingly turned.
In 8 of the last 9 sessions, shares have finished down. Shares have now fallen about 10% from the high, leaving Apple-nation shareholders in a state of panic.
I’ve seen some comments from shareholders such as:
“We’re on the Titanic” or “The plunge has begun.”
Why all the panic?
Apple is a Zacks #2 Rank (Buy). The analysts are still very bullish. 2012 estimates have been rising ahead of next week’s earnings report.
The company is expected to grow earnings by a whopping 60% in 2012.
And, to top it off, the stock is still a value with a forward P/E of just 13.3.
Could Apple’s recent share weakness be indicative of the jitters of the greater market?
As one of the most popular stocks, is its weakness a signal that the 2012 rally is coming to an end?
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