Wednesday, December 27, 2006
Apple - AAPL
It looks like the Law.com story has roused many Wall Street analysts out of vacation rest to defend Apple. If this were a normal week, analyst comments would have been out en masse by the 9:30 open, but now at just before noon east coast time some damage control is under way. According to flyonthewall.com JPMS, PIPR and MSCO have come out to defend the stock. Piper even went as far as saying there is only a 5% chance Steve Jobs has direct involvement with falsified documents. The stock is now close to going green. . That's an impressive comeback from a 5% drubbing this morning which took the stock into very oversold territory. This is a drama that will no doubt play out in the weeks ahead and will likely keep a cloud of uncertainty hanging over the shares... or will it? The street seems content to dismiss this morning's news as old and inconsequential.