Call me an eternal optimist, but I am kind of glad we had the devastation we had this week. I, like alot of people on here own aapl at might higher levels and kept averaging down. We saw NFLX move 70% in two days, and every other high P/E stock has been off to the races. This reminds me very much of 99.
Apple is still a rock solid company and I have no doubt it will recover, but like alot of people on here, I am getting tired of COOK and completely fed up with this CFO, Oppenheimer. I think alot of the stock drop was due to their arrogance on the call and not appeasing the analysts. They were cocky and evasive with their answers. The handling of the stock has been a disgrace. Cook just kept saying is " all we care about is making products that people not just like, but love" over and over. This is not how you address Wall St Analysts. Their handling of the stock with no split, div boost, or buyback acceleration has been a disgrace.
At this point, the war drums are starting to beat. Something good will happen. These guys will wake up from all the complaints they are receiving, or key people there will leave.
Bottom line, Apple is not a broken stock, just a victim of their own success and arrogance. Time will fix this. You just need to be patient. I suggest selling covered weekly calls for the time being until a catalyst shows up. Just my two cents.
I am biased, but I feel like the stock was trading at 700 with the same earnings essentially that we just saw. At that level the P/E was not outrageous. With that said, I think there are just too many positive things going on with the company for it not to get back to those levels in a year or higher. I know that sounds crazy, but look at NFLX, it moved 70 bucks in two days. For Apple, its now about leadership and taking control. Cook needs to grow a pair of balls and take charge.