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Apple Shares Drop on Rumor, Announcement Scheduled, New iPod?
By Stock Charts | August 1, 2007
Apple shares fell 7% on Tuesday following rumors of a production cut on iPods and iPhones, highlighting the volatility of the stock and the riskiness on buying the hype surrounding Apple after it’s huge runup since the launch of the iPhone. However, I feel that yesterday’s selloff was unwarranted, and with a confirmed announcement coming up on the 7th of August the bulls could come charging back in. Unless, of course, the announcement has to do with production cuts.
However, several indicators point to the announcement of a new iPod. The Mac store has been down for a period of time a few days ago, and there have been iPod price cuts at several retailers.
Remember, the last time Apple dropped on a rumor it recovered quite nicely. Of course this just serves to further illustrate the fickleness of the short term investors and daytraders currently playing the stock; any sign of bad news and they’ll be exiting in droves.
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August 1st, 2007 at 8:25 am
trust what you see, do not believe what you hear.
RUMORS!!!