Apple down -2.45%
the NASDAQ and S&P are making new session lows. The NASDAQ index is now down -0.77% at 10623. The S&P is down -0.33% at 3265.32.
Apple shares are taken on the chin today. Goldman Sachs which has been bearish on this stock reiterated its sell recommendation but raised its price target to $299 from $268 previously. They see the stock performance and absolute trade level as unsustainable and continue to recommend that investors should avoid the stock.
With the stock currently trading at $382, and Goldman Sachs is price target at $299, I would hope that they would have a sell recommendation.
In any case, the market does have some altitude sickness especially in some of the high flyers. Microsoft announced better-than-expected earnings and revenues after the close, yet it's stock today is down by -2.82%. Amazon shares have also leveled out (down 2.4% today). Apple and Amazon will both report their earnings next week.
After the close today Intel will report their earnings. Intel shares are up 2.44% on the year that current levels. Compared to another chip company like Nvidia, that increase underperforms. Nvidia is currently up 76.29%. However it is higher than broad common micron which are both down about -0.6% on the year.
