It's been a turbulent summer for Steve Jobs, chief executive at Apple Computer. In late June, the company said an internal investigation had uncovered problems with several stock option grants. Before Apple's announcement, the scandal surrounding backdated stock options had mainly engulfed small tech firms whose executives may have reaped millions in improperly recorded pay. Apple was one of the largest companies implicated in the ever-widening scandal.
The stock fell 2.9% the following day, to $57.27, and drifted downward for two weeks. Then it turned around. By the time Apple reported earnings in mid-July, the shares topped $60. They closed at $69.59 on Aug. 3, and the summer seemed to be looking up.
Then Aug. 4 arrived. Apple announced that it will probably need to restate financial results as far back as 2002. Because of the restatement, Apple didn't file its quarterly report on time, which in the worst-case scenario could lead to de-listing from Nasdaq. Headlines blared. All day on CNBC, anchors repeated the news, and the stock seemed to be heading for a belly flop. By the time the markets closed, however, Apple's shares had dropped less than 2%. The stock has fallen further since then, but it's still trading well above its late-June level. ...
As a bear, I am always "powerless" since I have an aversion to the dark side, I find myself now with three dark side positions (all slightly under water here), a very unusual situation for me. In edit, My AAPL bop is now "marginally green" (g).
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