Apple (AAPL) Closes Below $600
Posted on March 30, 2012 at 17:13 PM EDT
On the heels of an epic four-month run, it seems that Apple (Nasdaq: AAPL) stock is finally showing signs of weakness. The world’s most recognizable tech stock fell 1.7% today to close below $600 a share for the first time in a week. The stock has now fallen 3% in the last three days. Not that Apple’s slight tumble of late comes as much of a shock. Even the company’s own CEO, Tim Cook, has been selling the tech stock lately, as have other insiders. Analysts have been forecasting an Apple pullback for weeks, and yet the stock has continued to defy all odds. Apple has been behaving like a growth stock this year, rising 48% in three months even if you factor in its recent losses. Its market cap has ballooned to $559 billion in the process, outpacing the next biggest U.S. stock – Exxon Mobil (NYSE: XOM) – by more than $150 billion. So Apple was due for a reality check. Will it last? Not if the last few months are any indication. Apple retreated 15 points in the first week of March, only to surge up 70 points the following week. So don’t go selling those Apple shares just yet. The stock has proven before over this monster rally that it’s difficult to keep down. This may just be another blip on the radar for what has been a historic run.
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