Apple: Spring Rally Now Almost Completely Erased
The Apple (AAPL) spring rally has been almost entirely deleted.
Pressured by a combination of concerns over the health of CEO Steve Jobs, disappointment with the latest round of iPod product announcements and the company’s caution on near-term gross margins, combined with worries about weakening PC demand in the face of a struggling economy, the shares have been ratcheting steadily downward since mid-May. The company suffered a similar sharp selloff early in the year before staging an impressive spring rally.
For Apple investors, 2008 has been a story with three distinct parts.