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Apple slides below $400

June 24, 2013: 1:12 PM ET

Apple fell below $400 for the first time since mid-April.

Apple. That bright and shiny tech darling continues to taste a little sour.

Shares of Apple (AAPL) fell below $400 for the first time since mid-April early Monday. The stock has struggled to stay above that mark all year and with some good reason.

It's lost some patent battles against Samsung, and just ended a three-week e-book trial that bordered on the absurd. (Five juicy details from the trial)

But let's walk it back even further.

After coming under fire for its massive cash hoard, Apple finally came up with a plan to reward shareholders. Only it didn't include dipping into that treasure trove. Instead, Apple decided to go into debt to avoid a huge corporate tax bill.

That didn't sit too well with many investors, seeing as that's the last time Apple dipped below $400.

Related: Apple's stock under Steve Jobs

It didn't help that Jefferies analyst Peter Misek lowered his 12-month price target to $405 from $420 over the weekend. That may not sound that dramatic until you consider he had an $800 price target on the stock in December.

Apple has fallen out of favor this year.

The declining share price gave StockTwits traders plenty to chat about.

Tortoisehead
Wow, there is a major tech stock worse than $AAPL$FB down 4% today. Bearish

So it's not all bad news for Apple then is it? Of course, don' t get me started on Facebook (FB). Remember the CNNMoney 'I wanna buy a share of Facebook' experiment? Let me refresh your memory... we all lost money.

felix_ger
$AAPL doesn't look like it'll stop at 400, unfortunately. If this stock hasn't pushed you out, yet, it'll wear you out. :-(

Maybe it's just gearing for a big push higher. Of course, it probably needs a catalyst for that and I don't see one on the horizon at this point.

HarryWanger
$AAPL Despite Fears, Apple (AAPL) Could 'Beat' Q3 Views - BMO Capital http://stks.co/rHox

And maybe I spoke too soon. A couple of good earnings and sales wins may be just what the doctor ordered.

StockTwits
$AAPL trading below $400 with Sentiment on StockTwits at 50% Bulls vs 50% Bearshttp://stks.co/qHrn

So basically, there's a whole bunch of undecided out there.

bpetro
$AAPL down almost 8% in 5 days.Makes no sense,but whoever said there was an sense on WS.

Truer words were never spoken. I'm still an Apple fan. I just think it's going to take awhile for everyone to adjust to a post-Steve Jobs world.

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    The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, Abbott Laboratories and AbbVie, La Monica does not own positions in any individual stocks.

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    The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.

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