They need to be thrown out. Not only they blotched a good deal now they are pursuing something that is totally boneheaded.
Reason #1 Apple goods are now 2% more expensive. Does it really make a iota of difference for rich chinese? No! In fact Apple manufacturing just got cheaper, so now instead of paying a chinese worker $1 per hour, Apple can pay him/her now 98 cents and still keep their Yen wages same. Apple has bigger stake in manufacturing in China than the market for Apple products
Reason #2 Watch sales are so..so. Is it really the news? How many times has this come out as 'new' news?
So both are lame reasons to sell AAPL. But there are a lot of lame people in investing world
From what read, it was a downgrade and PT raise to 35.
Go figure. It this is not called manipulation then I dont know what it is,
Granted it is not their job to manage stock price. That is very true when markets are operating within the bounds of irrationality. When markets and manipulators act out of that bound, companies must defend their stock, otherwise the negative feedback loop will kill their stock and even business. Th stock price crash itself raises some doubts about the companies and shorts will often take an advantage of it.
This close to 40% crash in one day is beyond irrational given the circumstances.
You can sustain 700+ billion dollar market cap when majority of your profit come from ONE product that is iphone. No matter how much profit you make off that one product.
This was going to happen sooner or later.
All these are boiler room operations (including big brokerages), the price targets and upgrades and downgrade are nothing but border line legal (not sure why this should be) manipulation of the stock prices.
Here they are...letting shorts and hedge funds literally destroy the stock in the past month (30% decline) when they are going to make billions in profit, highest in decades even with current worries of overcapacity.
Why are these executives looking down on their stocks hopelessly at abysmal 5-6 PE when they have active stock buybacks and have the best balance sheet in decades?
Why are they not cutting capacity looking at the fare wars that are starting to emerge?