Apple shares dropped below $100 in pre-market trading on Monday, as the Dow Jones and stock market faced a general downturn. AAPL hovered around the $98-$100 mark prior to the opening bell at 9:30AM this morning, at the time of this post, the stock is at $99.52.
MacRumors notes that Apple shares last dropped below $100 in October 2014, four months after opening at $92.69 following a 7-for-1 split that took effect in June 2014.
AAPL closed at $105.76 on Friday and are currently down over $35 from a 52-week high of $134.54 set on April 28. Although the stock has fallen recently, many analyst remain bullish about it, and say the current dip is a god buying opportunity for investors.
Seeking to reassure investors, Apple CEO Tim Cook sent an email this morning to CNBC’s Jim Cramer about the company’s performance during the turmoil.
“As you know, we don’t give mid-quarter updates and we rarely comment on moves in Apple stock,” Cook wrote. “But I know your question is on the minds of many investors.”
“I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August. Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last 2 weeks.”
“Obviously I can’t predict the future, but our performance so far this quarter is reassuring. Additionally, I continue to believe that China represents an unprecedented opportunity over the long term as LTE penetration is very low and most importantly the growth of the middle class over the next several years will be huge,” Cook added.
Apple replaced AT&T on the Dow Jones Industrial Average back in March. The Dow Jones is a price-weighted average of 30 major stocks that are traded on both the NYSE and NASDAQ. Other major corporations on the Dow include American Express, Coca-Cola, Disney, Exxon-Mobil, IBM, Intel, and Microsoft.
