Traders who don’t even trade Apple (AAPL) normally were talking about the tech giant yesterday. Shares of the company fell a whopping $25 and some began wondering if a pullback is coming.
That sort of ominous chatter quieted some today when the stock bounced back to the tune of $22.
The selloff yesterday came as Apple announced the new iPad, the third generation of its category defining mobile device, will arrive in South Korea and 11 additional countries this Friday, April 20.
In addition to South Korea, the new iPad also will be available beginning on Friday, April 20 in Brunei, Croatia, Cyprus, Dominican Republic, El Salvador, Guatemala, Malaysia, Panama, St Maarten, Uruguay and Venezuela. Beginning on Friday, April 27, the new iPad will be available in Colombia, Estonia, India, Israel, Latvia, Lithuania, Montenegro, South Africa and Thailand.
After touching a record high well above $635 last week, AAPL tested $580 on Monday. But with the potential panic now behind us, Apple seems once again comfortably perched back above $600 a share. And only tell will tell if it can stay there. Most analysts maintain a target price of $700 to $1000 for the next twelve months.
