Another reason for the Apple selloff: Two banks (Morgan Stanley and RBC Capital) cut their ratings on the stock.
“First, PC unit growth is decelerating and the remaining source of growth is increasingly in the sub-$1,000 marker, where Apple does not play” said Morgan Stanley analyst Kathryn Huberty, in a published note.
Oh if only there was some way Apple could lower the cost of their computers somehow. Obviously it sells the Mac Mini for less than $1,000 (even with added bling), but that doesn’t count because, um, it’s too small to be a real PC. And the news is grim on the laptop front, where the MacBook starts at $1099; there’s no way Apple could find room in its famously hefty margins to cut $100 off that. Looks like Apple is doomed.
Or maybe Morgan Stanley employ a bunch of shaved monkeys, and that’s why they’re doing so well at the moment.