Apple Stock Down 5 Points, Investors Taking Profits? Update
Apple’s stock dropped 5 points on Tuesday to close at $197.37. The stock saw a run last week after the release of a raft of new products, hitting a high of $208.71.
One analyst suggests there’s resistance to the stock going above $207 (even though 2010 price targets are between $250-$300), but perhaps investors took some profits today?
Update: The big sell-off is probably due to the Galleon Group liquidating its investments after billionaire founder Raj Rajaratnam was charged with fraud. Bloomberg said the hedge-fund firm is busy selling 90 percent of its investments, mostly in Apple, Google and eBay. Thanks Fabio.
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