Photo: Daniel Goodman / Business Insider
Shares of Apple are down 2.6% today. That’s not huge, but on a generally “risk on” day it’s quite notable.A desk note from JPMorgan sheds some light on why:
…There is a lot of noise going around as to why the stock is weak—this is what’s really happening: 1) iPad unit cuts at Cleveland Research, 2) CLSA warnings that iPad production cuts are larger than people fear 3) The Kindle Fire is getting plenty of attention and positive reports are going around on units potentially taking share, 4) The stock broke its 50 day which in the past hasn’t meant much of anything, 5) The stock is increasingly being shorted so any negative chatter results in shorts pressing. What does it mean? All of it seems somewhat expected given the iPad chatter in particular.
Here’s a look at AAPL vs. the S&P 500 today.
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