Shares of Apple (NASDAQ:AAPL) are down nearly 6% the day after the company's media event at its Cupertino headquarters. According to Motley Fool analyst Matt "The Pirate" Argersinger, investors aren't pleased with Apple's lack of direction regarding a low-cost iPhone. While the company did unveil a cheaper version of the iPhone to be sold in overseas markets, Matt thinks that the price point is still too high for the average emerging market consumer. In addition, although China Mobile will allow iPhones to be used on the Chinese company's cellular network, there's still no firm deal in place -- something that investors think Apple needs.
But should investors buy Apple today? According to Matt, if investors bought today, they'd get shares of Apple at a cheaper price than Carl Icahn when he tweeted about the company a few weeks ago. If it's good enough for Icahn, and it's cheaper than where Icahn bought, then it may be good enough for you.
Fool contributor Mark Reeth has no position in any stocks mentioned. Matthew Argersinger owns shares of Apple and has the following options: long January 2015 $400 calls on Apple and short January 2015 $400 puts on Apple. The Motley Fool recommends and owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.