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Apple (AAPL) And Google (GOOG) Both Break Under 52-Week Lows
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In a sign that the entire market has gone under the sword, Apple (AAPL), Google (GOOG), and RIM (RIMM) have all breached their 52-week lows.
Apple dropped to $109, down from a 52-week high of $202.96.
Google hit $401.13, down from its 52-week high of $747. 24.
RIM (RIMM) broke down to $65.87 against a 52-week high of $148.13.
The significance of the lows cannot be overstated. It is a clear sign that the market is convinced that its fastest-growing sectors, Internet and high-end consumer electronics, are going to be pulled beneath the waves of a global recession.
Google’s growth rate this year was supposed to be 35%. The market is signaling that it could be closer to 25%. Apple and RIM were viewed as moving into record sales territory in the upcoming holiday season. If consumer spending plummets, they may not match next year’s figures.
The market’s collapse has now moved to the heroes of the bull run-up.
Douglas A. McIntyre
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