Apple Inc. AAPL shares are trading lower by $3 at $117.57 in Tuesday's session. The catalyst for the decline is speculation by Credit Suisse that there may be weak demand for the iPhone 6s.
The issue, which has been tailing off since it post-earnings run peaked on November 4 at $123.82; It posted its post-Flash Crash high the day before at $122 had been attempting to maintain the $120 level. The report instigated a sharply lower open, but found support at $116.56 and staged a rebound. That level is ahead of the low for the day following its better-than-expected Q4 report ($116.06), which provided the foundation for the rally to nearly $124.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Do you like this article? Do you have suggestions for improvement? Please email feedback@benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
