Apple Stalling?
Two things surprised us about Apple’s trading action on Friday.
First, given the mania around the iPhone5, we were surprised the stock was not stronger. Second, how easy it was for sellers to knock the stock down from the morning’s all-time high of $705.07 and pin it at the $700 strike on options expiration. Ballsy for shorts to to take on the world’s largest company and clip its market cap by almost $5 billion for an options pin.
We lightened our position and will wait/hope/pray for a pullback to reload. Riots at Foxconn this morning, which manufactures the iPhone – though unclear if they do at this plant — may be the catalyst for a sell off or it may not.
Foxconn Technology, a major supplier to some of the world’s electronics giants, including Apple, said on Monday that it had closed one of its large Chinese plants early Monday after police were called in to break up a fight among factory employees…
A Foxconn spokesman declined to specify whether the Taiyuan facility made products for the Apple iPhone 5, which went on sale last week, but he said that it supplied goods to many consumer electronics brands. Foxconn said it employed about 1.1 million workers in China. – NY Times
Who knows, iPhone5 sales could have blown away expectations over the weekend and the stock may open up $10 higher. Lots of positive news priced and the stock has come a long way, however. It really could use that pause that refreshes before starting the assault on $800. Discipline über alles!
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