Jeff Gundlach Reiterates His "Short of a Lifetime" Call on Apple (AAPL), Sees Shares Falling to $425
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Price: $309.35 -0.63%
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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DoubleLine Capital's Jeff Gundlach reiterated his short call on Apple (Nasdaq: AAPL) in a CNBC interview Wednesday.
In the interview he was critical of the iPad mini. "When you just change the size of your current product, innovation just isn't there," he said. "What's next a tutti-frutti iPad mini?"
He admits he's been a little right and a little wrong on the Apple call. Gundlach originally called Apple the "Short of a Lifetime" in March 2012, when shares were at $545. Shares ramped above $700 from there. On CNBC he said he is short from the $600s.
He now sees the stock continuing lower to $425.
Today, Apple is down 3.3 percent to $561 and is down 20 percent from the Sept. 21 intra-day high of $705.07.
In the interview he was critical of the iPad mini. "When you just change the size of your current product, innovation just isn't there," he said. "What's next a tutti-frutti iPad mini?"
He admits he's been a little right and a little wrong on the Apple call. Gundlach originally called Apple the "Short of a Lifetime" in March 2012, when shares were at $545. Shares ramped above $700 from there. On CNBC he said he is short from the $600s.
He now sees the stock continuing lower to $425.
Today, Apple is down 3.3 percent to $561 and is down 20 percent from the Sept. 21 intra-day high of $705.07.
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