Apple Inc.’s stock is having its fifth down day in a row, and it’s off almost 12% to start 2024 during a period when the broader market continues to roar higher. In other words, the shares are “at a crossroads,” according to Rosenblatt Securities analyst Barton Crockett. Apple
AAPL,
-2.83%
is dealing with all sorts of challenges, including regulatory pressures, anemic revenue trends and a dearth of mainstream new products.
See also: EU’s record Apple antitrust fine is just the start of a Big Tech regulatory crackdown this year Mizuho desk-based analyst Jordan Klein, meanwhile, suggested that things could get worse if Wall Street were to find out that Warren Buffett’s Berkshire Hathaway was “selling down his massive stake.” He trimmed his position by about 1% in the most recent quarter, but Klein wonders if more selling could be on the way — or even in the works currently. Buffett is one of the largest Apple shareholders and “up a ton on his stake,” according to Klein. Given the size of the position, at about 905 million shares, and the drumbeat of negative commentary that’s been weighing on the stock lately, Klein said he “would not be surprised if [Buffett] is selling right now.” Don’t miss: Apple iPhone sales slump 24% in China to start the year, report says “He knows when that 13-F comes out showing he started to sell, that [Apple] shares will get killed as retail investors rush for the exit,” wrote Klein, who’s associated with Mizuho’s trading desk and not its research unit. Berkshire didn’t immediately respond to a MarketWatch request for comment. Klein has recommended that Apple investors start selling some of their shares and instead start looking at other hardware plays, such as shares of Dell Technologies Inc.
DELL,
-6.00%,
Western Digital Corp.
WDC,
-2.72%
and Silicon Motion Technology Corp.
SIMO,
-1.18%
He expects that Apple’s stock could lag until the company previews its plans for generative AI, likely at the annual June WWDC developer event. Rosenblatt’s Crockett is also looki …
Article Attribution | Read More at Article Source
AAPL,
-2.83%
is dealing with all sorts of challenges, including regulatory pressures, anemic revenue trends and a dearth of mainstream new products.
See also: EU’s record Apple antitrust fine is just the start of a Big Tech regulatory crackdown this year Mizuho desk-based analyst Jordan Klein, meanwhile, suggested that things could get worse if Wall Street were to find out that Warren Buffett’s Berkshire Hathaway was “selling down his massive stake.” He trimmed his position by about 1% in the most recent quarter, but Klein wonders if more selling could be on the way — or even in the works currently. Buffett is one of the largest Apple shareholders and “up a ton on his stake,” according to Klein. Given the size of the position, at about 905 million shares, and the drumbeat of negative commentary that’s been weighing on the stock lately, Klein said he “would not be surprised if [Buffett] is selling right now.” Don’t miss: Apple iPhone sales slump 24% in China to start the year, report says “He knows when that 13-F comes out showing he started to sell, that [Apple] shares will get killed as retail investors rush for the exit,” wrote Klein, who’s associated with Mizuho’s trading desk and not its research unit. Berkshire didn’t immediately respond to a MarketWatch request for comment. Klein has recommended that Apple investors start selling some of their shares and instead start looking at other hardware plays, such as shares of Dell Technologies Inc.
DELL,
-6.00%,
Western Digital Corp.
WDC,
-2.72%
and Silicon Motion Technology Corp.
SIMO,
-1.18%
He expects that Apple’s stock could lag until the company previews its plans for generative AI, likely at the annual June WWDC developer event. Rosenblatt’s Crockett is also looki …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]