CHART OF THE DAY: The Apple Crash

Apple’s stock was clobbered again today.

Today’s 5% fall seems to be due to bad news from Cirrus Logic, a company that provides audio chips for iPhones and iPads. Cirrus’ earnings and forecast were below expectations, which suggests Apple’s iPhone and iPad orders are going to be weak.

Apple’s stock slipped under $400 during the trading day. It fought back to close at ~$403. In this chart you can see the last time Apple was trading at these levels.

The silver lining to this crash is that Apple is starting to look quite attractive. At this price, you have to assume the company is going to go bust. That’s entirely possible, but highly unlikely.

Chart of the day shows Apple's stock performance since the last time it hit $400, april 2013

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