Apple Stock Hits 2016 Low Amid Doubts About Its Future

By | May 6, 2016

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Apple ( AAPL ) CEO Tim Cook should keep CNBC host Jim Cramer on speed dial. The only day that Apple shares have risen during the past two weeks was the day after Cook appeared on Cramer’s financial news show “Mad Money.” Cook reassured investors on the May 2 show that Apple’s business is healthy and has a great future. His calming appearance on the show stopped an eight-day losing streak for Apple stock. Not everyone was swayed by Cook’s comments. Chamath Palihapitiya, CEO of venture capital firm Social Capital Partnership, told CNBC that Cook’s television interview was “like human Ambien. I mean, it was pretty boring.” Palihapitiya criticized the Apple boss for leaving so much money “rotting” on its balance sheet and spending more money on its new campus than on research and development, Business Insider reported . Apple ended the March quarter with $233 billion in cash and securities. Apple stock hit a 2016 low of 91.85 in intraday trading on the stock market today . Apple shares ended the regular session Friday down 0.6%, at 92.72. Apple stock has fallen for 14 of the last 16 trading days. Apple shares have been hammered by a downbeat March-quarter earnings report and the perception that the company is lacking innovation. In its fiscal second quarter, Apple reported its first year-over-year sales decline since 2003 and first-ever drop in iPhone unit sales. Apple also is facing slowing sales in China and growing interference by Chinese regulators. Cook is scheduled to travel to China this month to meet with high-level government officials, Reuters reported Friday . Last month, Chinese authorities shut down Apple’s online book and video services, following the introduction of regulations that imposed strict curbs on online publishing, especially for foreign companies, Reuters said. The next possible catalyst for Apple stock is not expected to come until June 13-17, when the company hosts its annual Worldwide Developers Conference in San Francisco. At WWDC, Apple is expected to unveil an overhaul of its Apple Music subscription service, 9to5Mac reported earlier this week . The Apple Music revamp will feature a redesigned user interface, simplified features and several new features such as adding song lyrics. At the conference, Apple also is expected to announce new versions of its Mac and Apple Watch operating systems. Scalper1 News

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