I Was Wrong About Apple
My aim is to always be honest with the readers of my blog. I always try to keep them informed of my winning and losing investment ideas. Most of my picks have been dead on but occasionally I have some picks that go the other way. One of these is the company Apple.
Apple (AAPL) recently surged through the $600 price level. This is a development that was completely unexpected to me. I thought Apple was good company with lots of great products but I never thought that the stock would surge like this in the near term. Shares are up $200 over the past three months. The impetus has been the great sales numbers for the iPad, iPhone, and iMac. Apple now has a market share of $560 billion dollars and some analysts are predicting 1 trillion dollars.
Apple has taken down Exxon Mobil (XOM) for the title of the largest publicly owned company in the United States. That is saying something considering the size of Exxon and the fact that the oil conglomerate has held the title for years. The growing size of Apple is a clear sign of the impact that technology has had on the global landscape.
My primary concern about Apple was over the long term growth drivers for the stock. I am always leery of companies that have fantastic growth patterns and that every analyst has a buy rating on. It looks like however that over the short term that Apple has been able to overcome any doubts and has continued to outperform. I will not bet against Apple again as the company has proven to be a stalwart.
What do you think that Apple will do in the coming years? Will the stock keep heading upward or is it due for a pullback?