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AAPL Stock: 434.59 ( -8.34 )

http://www.macnn.com/articles/02/06/19/merrill.cuts/

Merrill cuts rating; AAPL trading down

updated 08:55 am EDT, Wed June 19, 2002

 
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Merrill Lynch has downgraded Apple stock to a Long-Term Neutral from Buy due to "a lack of long-term visibility" and has cut fiscal year 2002 EPS revenue and EPS estimates to to $5.8 billion/$0.40 from $6.2 billion/$0.50, according to Briefing.com. Apple shares traded down 13 percent on the Redibook ECN at $17.35, following its third quarter earnings warning issued yesterday.


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  1. zaren

    Fresh-Faced Recruit

    Joined: Aug 2001

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    06/19, 09:25am | report spam | Reply |

    And once again...

    A company that's making a profit takes a hit to their stock value. I wish I had more money available to buy AAPL this morning when it comes in at around 16 at market open...

    -----
    Let "them" know you're not a terrorist!

  1. countb

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    06/19, 10:08am | report spam | Reply | delete

    Merryll...

    Merryll Lynch need to be careful pushing stock down like that, they were caught fixing Enron prices and need to be whiter than white from now on. The next court case might not settle out of court.

    People need to remember stock price is driven by stock analysts, not reality.

  1. synergy

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    06/19, 10:25am | report spam | Reply |

    Stock price

    Stock price is driven by supply and demand. Analysts affect the demand side of the equation.

    Everything else like earnings, company products also affect the demand side.

  1. beno

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    06/19, 10:38am | report spam | Reply |

    Preposterous

    AAPL already went down from 25 to 20 when Intel warned, this drop and down grade is a knee-jerk reaction that has no basis in reality.

    Now, AAPL's market cap is at around 6B, making the whole company worth around 2B (after subtracting cash). Compare this with a figure of around 250B for Microsoft. Are the markets really saying that MS is worth well over a hunderd times Apple's value? While Apple has all the growth potential en MS has only shrinking potential? What does it all mean? Has everyone gone mad?

  1. MacNN.com Reader

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    06/19, 10:48am | report spam | Reply |

    Typical Pre-MWNY

    This is just the analysts getting the stock down before MWNY, so they can buy it up cheap. Then they'll sell it at a premium after the keynote. They do it every year. The really stupid people are those folks who listen to them and sell off their precious Apple Stock. I will never sell my Apple stock, no matter how low it goes.

    -E. Davis

  1. osiris

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    06/19, 11:19am | report spam | Reply |

    Agreed

    Apple stock always plummets before a Macworld - and the better the announcements at Macworld, the more the stock sinks (like clockwork) - BUT it always rises during the months afterwards.

    Wall Street hates Apple - we should know this by now, so take advantage of their game and buy up while it's cheap.

  1. MacNN.com Reader

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    06/19, 11:58am | report spam | Reply |

    Wall St. hates everybody

    Apple isn't special or singled out in this scenario. They're just another tech company that is in a weak market sector.

    The surprising thing is that despite a very sluggish economy they're chugging up the knew-I-can-hill really well.

    I give credit to Steve, Fred, and the rest of Apple's executive staff for doing a great job.

  1. gtabbott

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    Joined: Oct 1999

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    06/19, 12:53pm | report spam | Reply |

    Sad but true

    I hold Apple stock, but long ago gave up any hope of it ever going anywhere. I don't believe it's a conspiracy, but rather lack of interest or understanding on the part of the "analysts" (wish I could get paid so well to make so many mistakes).

    Apple can't do anything to please Wall Street. They release incredible new products, announce profits and revenue that exceeds expectations, and demonstrate that they can continue turning a profit when all around them are floundering... and their stock goes down. Repeatedly.

    The ""Macworld Bounce" dates from '97's announcement with Microsoft when Apple stock almost tripled over night. Since then a few analyst haven't revised their analysis and continue to buy before MW and sell after -- so no matter how great the Keynote may be, how well Apple is doing and how much better it looks like they will do, the stock goes down.

    I'm discouraged, but I'm not selling.

  1. MacNN.com Reader

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    06/19, 01:26pm | report spam | Reply |

    its a great effect

    SMart investors know to buy now, then dump all the stock after MW. Money is money, and this is always a sure fire way to make money on the market, after all, thats the reason why most people invest, is to make money.

  1. MacNN.com Reader

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    06/19, 01:59pm | report spam | Reply |

    Buyin' again.

    I bought 530 shares at about this price last time and sold them when a couple of the Apple execs sold them (about $24)...and made about $3500 in less than half a year. Not too bad, I'd say. Looks like it's time to buy again.

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