Shares of Apple continued their recent decline on Monday as AAPL fell below the psychologically satisfying $500 level for the first time since February 2012.
The erasure of nearly a full year of market gains will contribute very little to the optimism of investors who are selling Apple shares at a hastened rate.
With shares down $17 on the day as of noon Eastern Standard Time, Apple is at the mercy of a frenetic rumor mill that continues to churn out unfavorable reports about Apple and its product plans.
From speculation that Apple will release a cheaper entry-level smartphone this year, to supply chain chatter of massively reduced iPhone component orders in the wake of curtailed iPhone 5 demand, the rumor mill has spooked investors to such a degree that the world’s most valuable company has now lost well over $200 per share since touching all-time market highs last September.
The immediate future of AAPL may very well depend on the numbers that Apple reports in its next quarterly earnings announcement scheduled for January 23rd.
If Apple beats the street, traders say, AAPL should climb quickly. If earnings disappoint, selling pressure may not only continue, it could also intensify.
Are you betting on or against Apple in 2013?