Given the poor earnings report posted by Apple the more cult affected investors were shouting from the rooftops the report offered an opportunity to buy the stock. No less than MarketWatch offered four headlines with the lead article, “Here’s your Golden opportunity to buy Apple’s stock” um, so much for market news objectivity. Jim Kramer and others heavily long the stock were quick to defend the poor earnings report saying, “now’s not the time to sell Apple shares” and so forth. For many institutions and hedge funds, Apple shares are their largest long equity position. As such there’s a rush to defend their book.
Other leading tech shares like Microsoft (MSFT) and IBM (IBM) and Intel (INTC) were also among the losers Wednesday.
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