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News
AAPL Plummets Amidst Fear of RIM Warfare
Wednesday, June 25th, 2008 at 4:00 PM - by John Martellaro
Apple stock is down dramatically on Thursday thanks to investor fears that RIM is gearing up for a major war against Apple.
In early afternoon trading AAPL is down US$7.64 to $169.75.
On Wednesday, RIM said it plans to increase its spending on marketing by 28-30 percent in the August quarter. That’s twice the expected revenue growth. Like Apple, RIM will soon release their own 3G smartphone, the BlackBerry Bold.
Samuel Wilson, an analyst with JMP securities, said that RIM seems to be "gearing up for a war with Apple."
As a result, investors are sensing an all out, debilitating smartphone war that will drag down the fortunes of all the manufacturers, Samsung, HTC and Nokia included.
The Dow Jones Industrial Average took a big hit on Thursday as Goldman Sachs told investors to unload their positions in automotive stock. Traditionally, when the stock market as a whole takes a hit, investors bail from AAPL as well, and that likely has also contributed to the steep drop of AAPL stock.
The concerns are in in spite of the fact that even the most conservative analysts who watch Apple believe that the company will double its iPhone sales in 2009 compared to 2008.
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