Cypriot index set to recover 2007 peak by . . . 2055

Apple last week closed above its 50-day moving average for the first time in 113 trading days – its longest losing streak.

The company's fall from grace prompted MarketWatch to cover Apple analyst Edward Zabitsky, who has been bearish since 2010. "An 'I told you so' moment for early Apple bear," the headline read, as Zabitsky reiterated his long-term doubts on Apple.

Thing is, Zabitsky’s initial sell rating came when Apple was trading at $199.

The stock, however, went to $705. Today, at $450, Apple remains way above 2010 levels. In fact, even if it falls to $275 in the next few months, as Zabitsky predicts, it will be almost 40 per cent higher than early 2010 levels.

Hardly a case of “I told you so”.

  • Join The Irish Times on WhatsApp and stay up to date

  • Sign up to the Business Today newsletter for the latest new and commentary in your inbox

  • Listen to Inside Business podcast for a look at business and economics from an Irish perspective

Proinsias O'Mahony

Proinsias O'Mahony

Proinsias O’Mahony, a contributor to The Irish Times, writes the weekly Stocktake column