Apple ended the day up at $52.90, up just over a percent, though still at a low point when compared to a month ago. The small bounce comes with only about 24 hours left to go before Apple announces earnings. Could the stock have bottomed out already? Unless some very negative news comes out tomorrow, there is a strong indication this long slide might be ending. Apple will be heading into areas historically good for it, out of the summer doldrums and into the back-to-school season of August and September where new product announcements and buzz bring it back up. As a result, at the low $50s, the stock is still very attractively priced.
Meanwhile, the backdated stock options scandal is starting to spread out to companies other than Apple in the media spotlight, which means this negative scandal will fade from interest aimed particularly at Apple.
[Disclosure: I own Apple stock at the date of this post]
Apple after the bell 07/18/06: stock options scandals takes spotlight away from just Apple
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