Apple Inc shares is currently riding a 7 month low. The LA Times reports that..
The stock slid $4.94, or 1.5%, to $315.32, its lowest closing price since Nov. 30. The price has fallen 13% from its record high of $363.13 on Feb. 16 and now is in the red 2.2% year to date.
So what might be cause for this decline? The delay in the iPhone 5 release, the loss of Ron Johnson to JC Penny, Steve Jobs’ continued health concerns, the calm after the iPad buzz, and maybe a general slow down in the world economy are all reasons for Apple’s downward tilt.
However, Apple still posted a near $6 billion in earnings for the quarter ending in March with a massive 95% growth in sales for the same period when compared to last year.
Roguemont, a SeekingAlpha contributor, wrote that “In the past, Apple has been able to rise above and show strength even when the market and other tech stocks were dropping. This no longer appears to be the case.” While Gene Munster, senior research analyst with Piper Jaffray, believes that “Apple is in as good a shape as ever”.
Is this a smart time to buy Apple stock? Probably, if you can afford to at $315.32 a share.
