Two Ways To Play: Can Apple Stay Fresh?
Strengthen your portfolio in good times and bad.
CEO Steve Jobs presented the new 8-gigabyte Touch, which will sell for $229, down from its previous price point of $299. Jobs also introduced iPod Nanos that will offer twice the capacity as current models.
A new 16-gigabyte version of the iPod Touch was also displayed. It uses the same color touch-screen as the iPhone and is priced at $299, down from $399 last year. Analysts believe the company may cut the price of this model to match the cost of the new iPhone 3G.
Apple shares fell during the presentation as the news failed to impress investors. The stock settled -3.65% to $151.91.
From the Bull Pen: Apple suffered through a big "sell-the-news" reaction today and may have momentum to continue the move lower. Bulls can consider the upside if it approaches $140.
From the Bear Cave: Bears looking for a downside tech play might consider IBM (IBM). The stock was mentioned on the Buzz as a short candidate today. Is the stock basing for a next leg lower? Buy stops can be set above $118
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