AAPL Falls Below $500
Owning shares of Apple today, some investors and analysts say, will make some folks very, very wealthy.
Of course, those possessing this view are few and far in between, as scores of traders and investors continue to dump the stock. Such was the case once again on Wednesday, as shares of AAPL dipped below $500.
As MMi has reported all week, the investment world reacted negatively this week to Apple's Q1 2014 earnings - earnings that, despite setting new records for Apple, weren't strong enough records to pacify Wall Street.
On Wednesday, billionaire investor Carl Icahn
used the latest dip in AAPL share prices to pour another $500 million into his already-massive portfolio filled with Apple stock. If Icahn's gamble pays off, he could see his vast reserves of cash balloon tremendously over time.
But not many analysts are holding their breath for that outcome. Just today, a litany of analysts and Wall Street watchers once again downgraded AAPL. And based on the expectations ahead of tomorrow's trading session, Apple could fall deep into $400 territory before a recovery begins.