Apple Plunges $20 At The Open, As Rumors Of COO Departure Swirl

Tyler Durden's picture

The company that determines the market, AAPL, by accounting for 20% of Nasdaq weighing, just gave the nearly 200 hedge fund managers who own it a heart attack. While the early swoon in the stock by $15 is not (yet) attributed to some fat finger, or flash crash, the move wiped out billions in market cap. The reason, according to FOTW, is that the COO may move to HPQ (up 2% on the day), or some such narrative which seeks to explain why the world's most overvalued company may dare to have a down day. Either way, this has now solidly broken the +/- 2 std dev upchannel seen for pretty much one full month. The entire market is now down as a result of one stock being responsible for overall direction and momentum. The issue is that who knows how many HFTs are now underwater on their daily cost averaging in the name, which may potentially spark a material selloff. Watch for comparable action in the four horsemen of the tech apocalypse: AMZN, NFLX and BIDU.


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The Axe's picture

add the HUGE volume on the dip

matthylland's picture

POMO today in about 15 minutes though, right?
Apple will be saved, don't you worry.

taraxias's picture

Totally agree, nothing more than a minor glitch in the matrix.

ZeroPower's picture


Like clockwork, check it out. ES in positive territory. Fucking ridiculous.

Bill Lumbergh's picture

Flash Crash 2.0?  Von Havenstein better get the presses warmed up.

Pillage's picture

Could we see fat finger today?

George Costanza's picture

remember 1999 to 2001, when seemed like everyone owned the same 10 tech stocks.   History is repeating.

Paper CRUSHer's picture

Right,when we witnessed the market cap of Cisco approach an outrageously ridiculous $1Trillion.


wswarrior's picture (CRM) is even more ridiculous.  $15B market cap on earnings of about $200M.  You can't even use the growth rate to support that out of this world valuation. 

Edna R. Rider's picture

Maybe we can get that dishonest clown Tepper to jump in and support the market.

Oh regional Indian's picture

Makes sense that appl be the rotten one in the bunch.

They express the worst of consumerism AND Design, all rolled into one. Jobs is the pied piper playing a broken flute.

Of course this could also be a reaction test. How did you react?


shushup's picture

Maybe the PD's will use the gov's money to short the market today? Or are they forbidden to short?


Spartan's picture

POMO will save us!

Id fight Gandhi's picture

Cook is NOT going anywhere. He's apples back up plan if steve jobs crashes.

Rogerwilco's picture

Tim Cook got a taste of power when he ran AAPL during Jobs' medical leave last year. The offer from HPQ must be very tempting, he's not getting any younger, and Jobs is gaining weight.

goldmiddelfinger's picture

This has nothing to do w the COO. This has to do with 10 uber-liquid names acting as checking accounts and must owns into quarter end. The lights are on and the cock-a-roaches are running

Waterfallsparkles's picture

Tyler you were right once again in one of your previous posts that when Aapl goes down it will take the Market with it.

It also goes to show that when stocks correct they take no prisoners and give no warning.

Dagny Taggart's picture

Could this be more 1400:1 insider selling per chance? How soon is that data released?

UGrev's picture

Being against slavery, and not knowing how googles' employees are treated, I'm never buying an apple product.. ever.  Hello Android for my 2yr upgrade with VZ. 

Dr. No's picture

Not the first time an apple has succumed to gravity.

Mesquite's picture

Ha Ha Ha

Ah..The Dance of the Algos...

Cvillian's picture

(In Belushi "Toga" voice) POMO! POMO! POMO!

Dagny Taggart's picture

AAPL at 10:20am. Hinky. Then the methodical 1 minute steps up...

mule65's picture

Looks like $300 today!

-1Delta's picture

Glad i went short the NQ last night....

GoldbugVariation's picture

and RIM announced it's iPad competitor at a developer's conference today.  "The RIM BlackBerry Playbook".  Sounds quite rude.

Vampyroteuthis infernalis's picture

Where's Harry? How is your AAPL doing today? Praying for POMO?

MrTrader's picture

Ha, ha, ha. Who are the largest AAPL holders ? :=) Seems, someone simply go rid off its whole inventory.

I am a Man I am Forty's picture

Apple isn't cheap, but acting like this growing tech company is somehow ridiculously overvalued is just wrong.  Tim Cook went to Auburn, previous home of the Ludwig Von Misses Institute (still in the town of Auburn).  Tim Cook would be a huge loss to Apple.

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