Apple (AAPL +0.11%) hit a fresh 52-week low this week, and it's clear that there's a confidence crisis as we head into Tuesday's quarterly report.
Apple recently had to cough up the crown for the largest market cap in this country, and now it seems as if investors don't want to get anywhere near the stock, with the likelihood of disappointing financial results just around the corner.
It isn't the only tech bellwether struggling these days, but it is the most prolific player. There were plenty of problematic Apple-related stories that broke during the week, primarily supplier reports that suggested softening demand for Apple products.
We'll know soon how bad things are for Apple. In the meantime, the real shock is that Apple stock has fallen below $400.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- IBM (IBM +2.06%) proved mortal on Thursday, missing Wall Street's profit expectations for the first time in ages. Outside of a quarter in 2007 when IBM merely matched analyst bottom-line estimates, IBM managed to keep its impressive streak of beats going until now.
- BTIG Research initiated coverage of Netflix (NFLX +3.23%) with a Buy rating and a $250 price target. Some may argue that BTIG is late to the game, since the stock has already tripled from last year's low, but better late than never.
- Intel (INTC +4.89%) didn't do itself any favors by missing Wall Street's profit projections. Rival Advanced Micro Devices (AMD +3.47%) surpassed expectations, but it still recorded a loss. It was also surprising to hear Intel's CEO tease about lower prices. Folks won't be spending good money on tech if they see prices falling in the near future.
