Tomahawk, WI 09/04/2014 (Basicsmedia) – Apple Inc. (NASDAQ:AAPL) experienced its worst day in over seven months after its stock plummeted in Wednesday trading session by a high of 4.22%, closing the day at a low of $98.94. CNBC’s Karen Finerman argues that Apple stock remains prone to sentiment changes thus the reason behind yesterday’s decline in the market.
Brian Kelly, on the other hand, believes that if the ongoing decline persists, it might push Apple Inc. (NASDAQ:AAPL) to the $80 mark in the long-term. Mr. Kelly maintains that the decline came as people panicked after two major players tried to withdraw their position from the stock.
“I do think this is probably not the end of the selloff, and what I thought was interesting is massive-massive market cap selloff today. This was a lot for the stock to move and to me I don’t have any information on this, but it smells to me one or two kind of major players probably were trying to get out of it,” said Mr. Kelly.
CNBC’s Guy Adami, on the other hand, is of the opinion that it is not the best time to get involved with Apple stock with the ongoing level of volatility. Adami remains bearish on the stock plummeting should it get below the $98 mark; the analyst also argues that Apple stock could trade at lows of between $88 and $89 should the stock continue to sink next week.
Despite the massive downside movement CNBC’s, Pete Najarian remains bullish on Apple stock, expecting the stock to hit the $100 mark in the long term. The positive sentiments echoed by Najarian come in the wake of the hype behind the much-anticipated iPhone 6 that Apple Inc. (NASDAQ:AAPL) looks set to unveil very soon.
“I still think at some point in time this stock gets to $110, I think in the short term we still could test somewhere near that $105 may be even push up towards, that $107, that’s why I bought those options I like the paper,” said Mr. Najarian.