It's not very common to see two different media outlets come out with two different explanations behind a stock's decline. Especially if the stock is a market darling like Apple. Ticker Symbols mentioned : AAPL, LEH, SPY, T Disclosure: No positions in any securities mentioned above.
The move seemed to cool some of the enthusiasm around the stock. Apple shares slid $7.96, or 4.7%, to close at $160.20. The stock has come up from the $120 range seen last month but is still off its all-time high of $200 seen at the end of 2007.
Eric Savitz also blogged in the morning, seemingly pointing to the same conclusion.
In the meantime, AT&T Inc.(NYSE:T) released their earnings, and had an earnings call. Apple kept drifting down. Techcrunch came out with the headline: "Apple shares slump as AT&T Gives Vague Details on iPhone Growth"
The truth be told, no one really knows the reasons behind the daily gyrations of the stock market. Investors will be wise to shut out the short term noise and focus on the long term signals. Freakanomics has an interesting post on over analyzing short term market gyrations.
Ticker Symbols mentioned : AAPL, LEH, SPY, T
Disclosure: No positions in any securities mentioned above.