Thursday November 08, 2012

Apple Shares Turned 'Ice Cold'

It looks like Apple is getting its ass kicked by Wall Street lately. Obviously $537 isn't bad but it is a ways off the $700 high back in September.

The company's shares, already down approximately 20 percent from their September highs, continued their swoon today by dropping more than 3.6 percent -- and this despite an endorsement earlier in the day from Oppenheimer & Co. analyst Ittai Kidron, who said that the recent sell-off in Apple's stock had been "overdone and should correct." In a research note, he put $620 as "an intermediate target as investors review the good fundamentals in light of the sharp pull-back."