News of weak demand for the Apple iPhone 5 hits Apple's shares overnight
$705.07 on September 21st, the day that the Apple iPhone 5 launched. Since then, the Apple Maps fiasco, a shakeup in the boardroom and the success of the Samsung Galaxy S III has led to a bit of a malaise as far as the iPhone is concerned, with the feeling that iOS needs an overhaul to compete with not only Android, but also the surging Windows Phone 8.
Earnings are due out on January 23rd and some analysts, including Brian White of Topeka Capital Markets, remain bullish on the shares. White has a target of $1,111 on the stock. A very accurate call was made back in April by Elliottician Ramki Ramakrishnan who used the incredibly complex Elliott Wave analysis to predict that Apple would hit $510. At the time, the stock was at $608. We should point out that had you followed his advice and shorted Apple, you would have had to watch the stock go $97 against you at first.
With short sellers hoping that today will be the day that Apple cracks $500 on the downside, the shares are currently bid at $502.60 less than four hours before trading is scheduled to begin in New York. The shares closed Friday at $520.30.