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Despite experts predicting Apple (NASDAQ: AAPL) will enjoy strong performance in September and October due to its new iPhone launch and artificial intelligence (AI) integration, AAPL stock has undergone significant turbulence in recent weeks. As is frequently the case for U.S. politicians, Senator Tommy Tuberville appears to have seen the issues coming. According to the filing made on September 13, he had already sold up to $50,000 worth of Apple shares in late August. US Senator Buy/Sell Signal Stocks Stay up-to-date on the trading activity of US Senators. This signal triggers based on SEC updates on all the trades that are made by US Senators. Learn more. Enable signal The timing of Tuberville’s trade means he had managed to evade ‘The September Effect,’ which saw AAPL stock plunge from approximately $229 to about $222 in the first five days of the month and the subsequent iPhone-demand-driven decline. The latter has been discussed extensively in recent days as reports demonstrating weaker-than-expected pre-orders for the iPhone 16 sent Apple shares from $222.23 on Friday, September 13, to $216.46 at the market’s close on Monday, September 15. AAPL stock 30-day price chart. Source: Finbold What is next for Apple stock? The price action – and its underlying causes – came as something of a shock given that the expert consensus has been that the current smartphone cycle will be particularly strong for the technology blue-chip. Wedbush’s Dan Inves, for example, went on record describing the launch of the new iPhone as the beginning of the imminent AI supercycle. He has, even after the sudden mid-September drop, maintained a bullish posture on both Apple and the current smartphone cycle. Jim Cramer has, for his part, made an X post with almost an exacerbated tone, opining that the current AAPL stock downturn, like many that…

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Filed under: News - @ September 17, 2024 9:28 am