Three of the most widely followed and high priced stocks have gotten taken out to the woodshed over the last week. Below is a list of the Russell 3,000 stocks that trade over $200/share. As shown, Apple (AAPL) and Priceline.com (PCLN) are both off roughly 7.7% over the last five trading days, while Google (GOOG) is down 4.38%.
Apple and Priceline.com have been market darlings for months now, but their uptrends are now broken and they’re struggling to find support. Investors have become accustomed to seeing these winners do well, so a breakdown in their shares like we’ve seen recently certainly has a negative impact on investor psyche. And with such big weightings in indices like the S&P 500 and the Nasdaq 100, a continued move lower in Apple and Google will make it tough for the overall market to rally. Bulls are hoping these three $500+ stocks can find a bottom, and fast.
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