Apple's (AAPL) stock price has been strapped to a rocketship lately, climbing from $213 to $325 per share -- up a stratospheric 53% -- in 2010.
Look farther back and the gains are even more dramatic. (AAPL shares cost $5.50 in 1996).
This morning AAPL shares opened at $344, Verizon announced the iPhone and AAPL closed at $341, a small loss. Is this a classic case of "buy on the rumor, sell on the news?" Or is it the backlash that started even before the Verizon iPhone got announced?
Critics have panned the Verizon iPhone for several reasons:
- Lack of 4G. Apple couldn't live with some of the design compromises necessitated by first-gen LTE chips. My guess: the chip is too thick and power hungry.
- Slow 3G on Verizon. BGR points out that Verizon's 3G gets about 1Mbps down while an iPhone on AT&T can download as fast as 5Mbps.
- iPhone 5 in June? Verizon iPhone buyers won't be eligible for a subsidized upgrade for 20 months. You can always pay full freight ($600 or $700) or say hello to the iPhone 6.
Don't shed a tear on behalf of Apple and it's shareholders just yet though, Jefferies & Co. analyst Peter Misek has raised his target on Apple to $450 per share.
What's your take on AAPL stock? Buy, sell or hold?