Three Reasons to Sell Apple
By Swing Trader
December 29, 2009 6:49 PM
December 29, 2009 6:49 PM
Symbols: AAPL
Posted in: CNBC, Analyst Color, Short Ideas, Downgrades, Fast Money, Analyst Ratings, Tech, Media, Trading Ideas
While Apple (NASDAQ: AAPL) has more bullish ratings than any stock on the Street, one analyst is decidedly bearish. Edward Zabitsky of ACI Research gave three reasons to sell Apple during Tuesday’s edition of Fast Money.
•The iPhone is a bandwidth hog and is not profitable for carriers.
•Rivals are entering the mobile browser space to compete with Apple.
•Although Apple’s gadgets are trendy, their hardware will eventually become irrelevant.
Today the market seemed to agree with Zabitsky as Apple shares fell 1.19% to $209.10. However, Apple shares have been on a tear recently, reaching an all-time high of $213.95 yesterday on continued rumors of an upcoming tablet device.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
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