Apple shares drop 3% on analyst downgrade; iWatch and mobile payments cited
posted by Alan F. / Sep 03, 2014, 11:23 AM
What has turned Hargreaves bearish on the tech titan is the speculation that Apple will enter the mobile payments arena with the Apple iPhone 6, and the strong possibility that Apple will soon unveil a wearable product. The analyst believes that mobile payments and the long-rumored Apple iWatch will not add enough pop to the bottom line. For a company the size of Apple, the profits generated by entering the mobile payments business, and from selling a wearable device, are "not meaningful" in the "near to medium term."
Pacific Crest still has Apple rated "Outperform," with Hargreaves expecting the Apple iPhone 6 to prop up the stock. In fact, despite telling clients to take profits in the stock, he also suggests that investors hold on to some Apple shares, at least through the September 9th event at which the iPhone 6 and the wearable device are both expected to be unveiled.
Not all of Wall Street is down on Apple. On Tuesday, Piper Jaffray's Gene Munster raised his target on the stock to $120. Apple is currently trading at $99.10, down over 3% on the day.
Posts: 3806; Member since: Apr 16, 2014
The usual playing around with Apple stock prices before big announcements. The Wall Street big boys are getting ready to make some money.
posted on Sep 03, 2014, 11:25 AM 5
Posts: 3271; Member since: Nov 15, 2013
a big hit by note 4 with full force
posted on Sep 03, 2014, 11:27 AM 6
Posts: 5993; Member since: Dec 22, 2010
That was my thought as well. The Note 4 has set serious competition for the iToyXL. If the XL doesn't ship in October when the Note 4 ships in volume, it will have a tough task to make up the lost sales.
posted on Sep 03, 2014, 11:53 AM 2
Posts: 364; Member since: Aug 16, 2011
I laughed all the way through the Note 4 announcement. It's still a great phone but the amount of new features is even less than last year Note 3 and that was a dissapointment. But after the S5 I made sure my expectations were even lower. Still great and I would recommend it but it won't affect the iPhone sales which I'm sure will come to the market sooner than October.
posted on Sep 03, 2014, 1:12 PM 3
Posts: 11; Member since: Jul 06, 2014
The biggest problem here is stupid people. Stop using same and weak password like: password1234 and etc... for all websites, accounts (facepalm)
posted on Sep 03, 2014, 11:25 AM 0
Posts: 10457; Member since: May 14, 2012
posted on Sep 03, 2014, 11:30 AM 2
Posts: 11; Member since: Jul 06, 2014
Stocks dropped because of iCloud security "breach"... however the problem appeared thanks to people who didn't take attention to their security by using weak passwords. If you put naked photos please atleast make stronger password....
posted on Sep 03, 2014, 11:37 AM 1
Posts: 2072; Member since: Oct 24, 2012
Huge and world renown celebs shouldn't even be uploading nude pics of themselves on any cloud or internet service, no matter how "safe" it may be. It was stupid on JLaw's or Kate Upton's part to upload any of their sensitive pictures to iCloud knowing their popularity. They were basically asking for it to be leaked,
posted on Sep 03, 2014, 11:43 AM 0
Posts: 2962; Member since: Oct 08, 2012
RIP Apple! Market cap down to 611B.
posted on Sep 03, 2014, 11:26 AM 0
Posts: 4562; Member since: Mar 13, 2014
Why not 30% instead of 3%.
posted on Sep 03, 2014, 11:35 AM 1
Posts: 2815; Member since: Oct 03, 2012
Apple sucks! Iphone 6 prices are too high! Minor upgrades and high price for a midrange phone!
posted on Sep 03, 2014, 11:33 AM 3
Posts: 875; Member since: Oct 17, 2011
The recent leak of nude photos of celebrity believe to be from iCloud may contribute to this fall.
posted on Sep 03, 2014, 11:55 AM 0
Posts: 537; Member since: Feb 17, 2014
no it wouldn't because it was discovered it was not a flaw in iCloud, but rather brute force password cracks (meaning they had to know the celebs email used and then use brute force to crack the password). All would have been avoided had they used Apples 2-step verification and what not.
posted on Sep 03, 2014, 12:57 PM 0
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