So much for the iPhone effect.
Apple (AAPL) shares fell for a third straight day today, dipping below $670 for the first time in two weeks. The stock has now fallen 4.6% this week – the steepest decline for Apple shares since mid-May.
So what happened? Wasn’t the September 12 iPhone 5 unveiling supposed to give the stock the usual 9% to 13% boost it traditionally receives after iPhone/iPad announcements.
Well, Apple shares did get a boost. In less than a week, the iPhone announcement boosted the stock from $660 a share over $700 a share for the first time ever. Then the phone hit shelves and sales were less than most analysts were expecting.
Hence the decline since September 21 – the day the iPhone 5 made its debut.
I doubt this decline is any real cause for concern if you’re an Apple investor. After all, this three-day drop-off has only knocked Apple shares back to where they were before the iPhone 5 unveiling.
Furthermore, the last time the stock got knocked down like this, it immediately rebounded. After falling from $570 a share to $530 a share in mid-May, it took only three trading sessions from May 21-23 for Apple shares to rise back above $570.
With a mini iPad supposedly set to debut next month, another quick rebound seems likely.
If there’s anything we’ve learned this year, it’s that Apple rarely stays down for long.
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