Yesterday afternoon, Apple’s stock took a 4.5 point drop (or 2.7%) after both a spike that brought the company up over $170 a share, and an upgrade from Goldman Sachs for “across the board” strength in the Mac line. Sachs raised Apple’s target price from $165 to $190 and recommended to their clients that they buy into the Cupertino based company.
Some attribute the price drop to be a result of stock holders selling off shares to take profits from their stock. As the market opened today, Apple stock was trading at 162.23
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The majority of the market panicked yesterday. And tanked. It started with a warning about Baidu, then spread throughout tech. To call it profit taking is oversimplifying what happened.
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