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The Power of the Turtleneck

XValue

Shared on Fri, 10/03/2008 - 11:24

Usually, a company's shares will trade on their valuations, earnings, and economic outlook. Not Apple (AAPL). Their investors have staked their investment on one man, one turtleneck. This morning, some douche decided to post a news report on CNN's iReport page (it's gone now, so I don't have a link). He said the Steve Jobs had been rushed to the hospital with a heartattack. Of course, this was not true, but the immediate response was this on my intraday screen....

From 106.50 to 94.65. That is a 11% drop in 8 minutes. Now I have seen my share of CEO's die, but this takes the cake. If this story was true, Apple would be in serious trouble. They should look at decoupling their image from Steve just a bit, in case he does ever keel over.

Wish I could find out if that guy who reported the story is in the industry because that is a pretty good trade right there.

 

X.

Comments

LadiesLuvMe's picture
Submitted by LadiesLuvMe on Fri, 10/03/2008 - 13:54
Yeah, I suspect the guy who posted that will be found and held accountable. I'm in "the biz" too and this market has been absolutely brutal. Apple's move is interesting, but watching one of the largest copper and gold miners that is an excellent company (Freeport McMoran Copper and Gold - FCX) drop 13% in a day on multiple days is amazing. Especially when it is trading at around 4x forward earnings. Hopefully things start turning around.
TheArtistSwayze's picture
Submitted by TheArtistSwayze on Fri, 10/03/2008 - 17:01
i agree. right now apple = steve jobs. he doesn't have to die, just leave. hope he's training a successor. BTW - my son has some leftover "u's" from his Alpha-Bits cereal. do you want them?
Rayne46's picture
Submitted by Rayne46 on Sat, 10/04/2008 - 09:21
And to think I bough AAPL at $187 per share last October and kept it. Then bought more earlier this year at $156. @$%#$^T!#@#^%&!!!!!!!!!!!
XValue's picture
Submitted by XValue on Sat, 10/04/2008 - 15:22
nothing you can do now but average down some more, Rayne.

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