Apple Inc. (NASDAQ: AAPL) is having a ‘sell the news’ trading day ahead of its new iPad demonstration this week. We have also seen above-average share trading volume in the stock for the two percent drop to $533.55 today and we have now seen more than 22 million shares against an average daily trading volume more than 14 million shares. Talk of an institution selling shares and large trading came in after 11 AM. A review of the Bloomberg quote recaps showed that the big print of 121,000 shares printed shortly after the open at $545.69. The run since the start of the year through Friday has been massive 34.6%, so there is much room for profit taking. It was just late last week that we questioned whether the run-up in shares of Apple and also in Microsoft Corporation (NASDAQ: MSFT) has gone too far too fast. At some point, fair value has to come into play even at the biggest and best companies.
JON C. OGG
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