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  • aea_57 aea_57 Nov 7, 2012 5:27 PM Flag

    - Apple shares could come under further selling pressure and drop to $425 a share over the next year

     

    NEW YORK (Reuters) - Apple shares could come under further selling pressure and drop to $425 a share over the next year on lack of innovation, said Jeffrey Gundlach, chief investment officer and chief executive officer of DoubleLine Capital LP.

    Gundlach, who recommended betting against Apple in mid-May at the Ira Sohn Investment Conference in New York, told CNBC the company's stock is "overbelieved" and that its recent debut of the iPad mini is not an innovation.

    "The product innovator, as I've said over and over again, isn't there anymore," Gundlach said in reference to Apple's late founder Steve Jobs.

    Shares of Apple, whose latest quarterly results failed to meet Wall Street's lofty expectations, has fallen more than 20 percent from a record high of $705.07 in September. Shares slid as much as 4.6 percent on Wednesday to a low of $555.75 before ending the day down 3.8 percent at $558.0019.

    what happen to 1111 next year ??

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