Apple Falls Below $400 for the First Time Since 2011

Phil-Schiller-iPad-mini

While we did see Apple finish the day off just a smidgen over $400, the Cupertino corporation saw its stock price fall below $400 earlier–for the first time since December 2011. This amounts to a nearly 6% drop today alone. CNBC speculates the main reason being a report from DigiTimes that iPad mini shipments could drop “20 to 30 percent quarter-over-quarter to 10 to 12 million in the June quarter.”

Adding insult to injury, audio chipmaker and Apple supplier Cirrus Logic plunged nearly 15 percent after estimating that its revenue will likely fall short of Wall Street expectations. As CNBC notes, “Other Apple suppliers including Qualcomm, Avago Technologies and Skyworks also traded sharply in negative territory.”

This news comes in the wake of record iPhone and iPad sales, but one could argue that Apple was simply overpriced and that the market finally adjusted. Furthermore, I would venture to say that now is a good time to buy Apple stock if you do ever plan to. The purported “iWatch,” Apple television set, “iPhone 5S,” and a revamped iPad line are supposedly on the horizon.

Not to mention that we haven’t seen anything significant in the land of Mac in recent months. Apple has had a press event of some kind before May almost every year since 2007, and we have yet to see one announced this year. Whatever the case, I believe 2013 will be an exciting year for Apple. At least we know one thing: WWDC will likely be held June 10th-14th.

[CNBC]

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