You lost $46,000 today? Ouch. Sorry man.
I'm teetering back and forth, I might buy in if it gets below $100 tomorrow.
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Apple Stock Tanks: Biggest Drop in Seven Years
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You lost $46,000 today? Ouch. Sorry man.
I'm teetering back and forth, I might buy in if it gets below $100 tomorrow.
but there was a reason for it
Their revenuetook a huge hit from the Sept Q to the 1st Q of 2001. Wnt from $1.7 B to $1B.And it happened when they issued a warning I believe....
Their revenuetook a huge hit from the Sept Q to the 1st Q of 2001. Wnt from $1.7 B to $1B.And it happened when they issued a warning I believe....
memo to Steve: swing by a ATM on the way in to work on tuesday we might need some money
saying that apple has a Scrooge Mc'Duck pile of cash in vault right ?
saying that apple has a Scrooge Mc'Duck pile of cash in vault right ?
I suppose you don't understand the magnitude of this issue as most people don't. The central issue here is what's happening to the credit market. The flow of credit has essentially come to a halt (or will soon if a package isn't signed into law).
There is simply no flow of credit in the banking system. What this means is that little or no lending will occur. What many people don't know is that many firms borrow to make payroll. So image this, you work for a company who needs to borrow so they can pay you. If they can't, you don't get paid. If you don't get paid, you can't make payments on a mortgage, car payment, credit card, etc ... Shall I continue?
This is a loopback effect that will bring our economy and perhaps the world economy to a standstill.
Credit default spreads have risen almost 200% in just 5 months. Most of you won't know what this means but for those of you who do, you'll know what I'm getting at.
Wachovia didn't fail, it was simply sold to Citigroup so the FDIC wouldn't be on the hook for too much if it did fail.
You lost $46,000 today? Ouch. Sorry man.
I'm teetering back and forth, I might buy in if it gets below $100 tomorrow.
More, just on AAPL alone, if you must know. I can't even think about the rest of the carnage in my portfolio. Put it this way, not long ago I was thinking I might able to at least semi-retire in ten years or less. I can forget about that now I expect. I am now further away from that goal than I was five years ago. It seems the people who are celebrating Congress' inability to act to head off a genuine crisis in the economy are living in a completely different universe than me. They get to keep their ideology pure while the rest of us get wiped out. Nice tradeoff.
Buy stock in toilet paper companies as people will be ... well you know
Our company went through big issues with the credit squeeze a few months ago, the cost of borrowing the money basiscally was more than we could make from lending it, for student loans. Be happy the Feds stepped up and helped out the student loan industry as we (the industry) was rapidly approaching the inability to fund student loans for the current semester.
Trips me out...
...that so many are accepting advice from Morgan Stanley, given their inability to run their own company.
Yes, that's flippant. Yes, I realize the gravity of the situation we're in, globally. Yes, we should all be worried.
...that so many are accepting advice from Morgan Stanley, given their inability to run their own company.
Yes, that's flippant. Yes, I realize the gravity of the situation we're in, globally. Yes, we should all be worried.
Holy crap. This is much more than just Apple today.
CNN is reporting that the Dow Jones suffered the biggest single-day drop in it's history. It's history! A nearly 778-point drop.
The bailout bill failed to pass in the house today also. Everyone is panicking now.
CNN is reporting that the Dow Jones suffered the biggest single-day drop in it's history. It's history! A nearly 778-point drop.
The bailout bill failed to pass in the house today also. Everyone is panicking now.
wachovia is a North Carolina Based business. Local analysts say it did fail. the FDIC allowed the takeover so that it would not look like a collapse, but many analysts over the weekend were speculating that Wachovia would have failed this week as well. the Citigroup buyout was to prevent another collapse. The buyout is what kept it from actual collapse.
from CNN:
The FDIC noted that Wachovia did not qualify as a failed bank, unlike Washington Mutual, which collapsed last Thursday, only to be subsequently purchased by JPMorgan Chase (JPM, Fortune 500).
Following a string of high-profile collapses of banks in recent weeks including WaMu and the demise of Lehman Brothers, there has been increasing speculation that Wachovia could be the next one to go.
Local news:
Winston-Salem, NC -- Charlotte-based Wachovia sold its banking and mortgage business in a deal that kept the bank from failing.
Another local news Agency:
September 29, 2008
Wachovia failure rattles Wall Street trading
Things are off to a rocky start on Wall Street this week after Wachovia Corp. announced that they too have failed as a result of the economic crisis.
"With the news on Wachovia this morning, Washington Mutual last week, it just seems a lot of these banks are getting whacked," said Cleveland Rueckert, market analyst at Birinyi Associates Inc in Stamford, Connecticut.
So essentially Wachovia, the 4th largest bank did fail and the buyout prevented total collapse.
What would be even more bad news is if Juniper Bank (which underwrites Apple Credit card account" were to fail also.
some people say that now is the time to put your money in credit unions. I am not so sure. while I live in NC now, I lived in Rhode Island when RISDIC (Rhode Island Securities Insurance Coorporation) went bankrupt and severl credit unions closed in the mid 1990's. My Dad who was on a fixed income and had Cancer, had to wait 4 years to get his minimal savings back after the state's bailout. If major banks that have a Federal Insurance behind it are failing, then credit unions who only have state insurance are not that safe either.
While I am not panic'ing like most. I am concerned over North Carolina's economy. Several tech companies in Charlotte and RTP have closed, Wachovia which is based in Charlotte employs 20,000 in its downtown area alone - so they are worried about the local economy of one of North Carolina's largest cities.
Also, we are still in a gas shortage here in NC, with Charlotte being one of the worst effected areas os stations out of Gas.
Holy crap. This is much more than just Apple today.
CNN is reporting that the Dow Jones suffered the biggest single-day drop in it's history. It's history! A nearly 778-point drop.
The bailout bill failed to pass in the house today also. Everyone is panicking now.
However, this isn't the largest percentage drop by a long shot. The highest was 24% in 1914, then 23% in 1987, then 3 bad days in 1929.
The country will recover just fine. Besides, stock markets are only one of many signs of economic strength. In other news, the U.S. $ gained strength again and oil futures dropped.
The country will recover just fine. Besides, stock markets are only one of many signs of economic strength. In other news, the U.S. $ gained strength again and oil futures dropped.
Based on what evidence do you say this? The dollar gaining strength and oil dropping are meaningless indicators in the face of this crisis. Japan's economy languished for 20 years because they failed to address a broken banking system. Here, we've been through two, huge selloffs in the stock markets in just the last ten years. When people lose confidence en mass, terrible things can happen. As my old economics professor said, depressions happen when a rooster crows on Mt. Everest.
Ok, do what you want, I bought more AAPL shares today, I really don't care what one day does, yes today stung a little but it's all about how you look at it. Tomorrow is a new day, and there are many more days after that...
BTW, do you own AAPL?
Me
I know everyone is having a tough day out there. However, let's remember this too shall pass. If Apple can get back to computers and not make such a big F-in deal about the iPhone things will get better. There is not much out there to excite the consumer. Perhaps Oct 14th will change some things. Yet we should not lose faith as the market will go way up and of course way down. Before you know it all will be well again.
I got money in the bank waiting for new MBP's. Just release them already!!
OMG I just realised I've turned into one of those...
OMG I just realised I've turned into one of those...
This claim is almost baseless about verizon, yet it seems so attractive for apple, no long term debt, fresh products gaining significant market share, how is there stock so low in relative terms to what it was?
There indeed will be an iPhone on the market for another carrier soon.
There indeed will be an iPhone on the market for another carrier soon.
I know its not Apple's job to defend every rumor, but management never does anything to support the stock. They just feel the price will take care of itself. That is true in the long run, but it sure gets jerked around in the short term.
But what bugs me more is they never buy back any shares like most cash heavy tech stocks do. At today's price, they could use just $5B of their roughly $25 to purchase back 5% of the company and reduce the float by 47 million shares. Yes, they couldn't get all those shares at today's level without driving it back up some, but they never even purchase any shares back. That drives me crazy. When the stock is overdone, like it has been before, use some of that cash to buy back shares. You are going to earn that $5B back in the next year or less.
But what bugs me more is they never buy back any shares like most cash heavy tech stocks do. At today's price, they could use just $5B of their roughly $25 to purchase back 5% of the company and reduce the float by 47 million shares. Yes, they couldn't get all those shares at today's level without driving it back up some, but they never even purchase any shares back. That drives me crazy. When the stock is overdone, like it has been before, use some of that cash to buy back shares. You are going to earn that $5B back in the next year or less.