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February 1, 2018 | Apple Shares Up Sharply on Punk Forecast

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

Wild-eyed buyers seemingly can’t get enough Apple shares at the moment. They’ve pushed the stock up $7 in after-hours trading following a downbeat earnings forecast for Q1.  Here’s the Bloomberg headline that seems to have inspired the buying stampede: Apple Forecast Falls Short After iPhone Sales Miss Estimates.  A clear case of sell the rumor, buy the news? Punk sales of iPhone X have been in the news for weeks, so the story presumably was well discounted before today’s announcement. If the stock is in fact turning around following an 8% slide from $180 over the last two weeks, it could help clear the air for a resurgence of the tech sector. We’ll know soon enough.

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February 1st, 2018

Posted In: Rick's Picks

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