AAPL hammered yesterday on iPhone production rumors
Tuesday was a rough day for Apple investors, as shares dropped precipitously from post-earnings-report highs of $148 a share down into the low $130s. Most of the credit/blame for the selloff is being attributed to a rumor floated among traders and on a posting at TheStreet.com that Apple was cutting back iPhone production by 50% off the company's original plans.
Most of the potential sources later disavowed the information. Considering that there has never been an official production target other than the "10 million phones by 2008" number (note also that a production cut was not discussed during the earnings call), longtime Apple stock watchers on the Mac Observer forums characterized the bear run on AAPL as a "deliberate hit," executed by unscrupulous persons who have positioned themselves to take advantage of the drop in value to shore up their holdings.
Remember, AAPL investors, it's a marathon, not a sprint.
via Apple 2.0 and BloggingStocks
Disclaimer: I hold a position in AAPL.
