Quote from derock1004:
It is probably profit taking since it rallied from $80+ to $130 in just 6 months (For a monster-cap stock, this is amazing)...and a lot of people still believe that Iphone is a joke - $500 with 2 years contract.
If you guys look at CROX, GOOG, RIMM (those are the leaders) and they are all down today when the Dow up like 180pts. Some people are taking their money off the table given the concern of the high yield in the 10-year bond and all the important economic data that is coming up this week. We will have a clear picture once all those data come out.
I believe AAPL will hit $160 this year.
Many people think the Iphone is the driver but the real catalyst is the MAC. Apple is stealing market shares from DELL, HPQ, GTW quietly and the computer market is so huge that there are tons of room for APPLE to grow. I see Iphone as an component which will help Apple to sell more MAC and MAC is the driver that can take AAPL to $160. Based on valuation, just a 1% growth in MAC sales can simply bring AAPL to $110.