Rumors from Apple (AAPL) headquarters in Cupertino that Steve Jobs is alive and well are keeping the company’s shares well above their multi-year low of $79.14 hit a few weeks ago. Shares are trading at $89.16, down a little over 6% for the day.
Given that Goldman Sachs, Oppenheimer, and Calyon downgraded the stock and that research shows that Mac sales dropped in November, the stock is doing extraordinarily well.
The stock should hold at this level until the company announces earnings for the holiday quarter. Expectations have been set so low that the shares will probably skyrocket on any reasonable results.
Douglas A. McIntyre