(Credit: CNET/James Martin)
A noted bond investor expects Apple stock to continue its downward slide for a while, saying that the company seems to have lost its ability to innovate.
Jeffrey Gundlach, the CEO and co-founder of investment firm Doubleline Capital, told CNBC today he expects Apple's stock price, which has declined more than 20 percent since September 19, to slip to as slow as $425. Shares were off 3.38 percent today, falling $22.20 to close at $558.
Gundlach said he has been struck by the "obsession" with Apple's stock. "It seems like every meeting I have, everyone owns it," he said, adding that he started shorting the stock in April at $610. "It's sort of been right, sort of been wrong," he said of the decision, presumably because the stock peaked at $705 in mid-September.
He pointed to the recently released 7.9-inch iPad Mini as an example of what he called a lack of innovation at the company.
Related stories
- iPad Mini fails to boost Apple stock
- Wall Street cheers iPhone 5, Apple closes at record high
- ... [Read more]
No comments:
Post a Comment