No other industry sector has more innovation per square foot than technology. And for most of 2012, Apple along with the rest of the technology sector was outperforming. But not anymore.
One of the stock market’s most beloved leaders is now a laggard: Apple. The mood has quickly turned from optimism and euphoria to anxiety and fear.
When Apple broke below $564 on Nov. 7 everything changed. It marked an official 20% bear market decline in the stock from its $705 high and “Apple-mania” began to fade.
Just a few months prior to Apple’s fall, here were the rosy headlines:
“Wall Street Analysts Increasingly Bullish as Apple Hits Fresh Highs.” — Wall Street Journal, 8/27/12.
“Apple seen as ‘trillion dollar baby’” — MarketWatch, 8/21/12
“Apple could be worth a trillion in one year” — The Atlantic Wire, 9/23/12