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
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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