Apple Recap: Dead Money, Web Winnings, Privacy Victory

Apple’s (NASDAQ:AAPL) nightmares continued on Monday as the stock dropped 2.49 percent to $442.32 even though there wasn’t a particularly obvious negative pull for it. Here are some of the top stories related to the company through the day:

Dead Money?

Gunderson Capital Management chief executive Bill Gunderson provided the main pessimistic view on Monday, writing that the company’s stock was dead money for now and recommending staying out of it. The investment specialist believes Apple remains in a downtrend and is still searching for its bottom. According to Gunderson, while in the past Apple’s stock had always recovered after a bout of profit taking and marched on to new highs, this time is turning out to be different. “Even though Apple’s three-, five- and 10-year performance is still superior … short-term performance record has been shattered,” Gunderson wrote in an analysis for MarketWatch. “The stock’s short-term performance started turning sour back in October of last year and has only gotten worse since then.”

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Gunderson does not deny that there are some clear positives and the stock looks good from a valuation point of view. However, he adds, the company’s earnings estimates and price target have come down drastically in the last few months and earnings momentum is contracting… (Read more)

Mobile Internet Winners 

Apple and Samsung (SSNLF.PK) have finally beaten Nokia (NYSE:NOK) in global Internet usage from smartphones, with the iPhone maker topping the charts for the first time ever. More than a quarter of global Internet traffic on mobile devices went through Apple devices in January, according to data from web analytics company StatCounter. Nokia, which led in January 2012 with 37.67 percent, fell to third place. However, Apple’s share of mobile Internet traffic actually dropped from 28.67 percent in January last year to 25.86 percent this year. Samsung’s share grew from 14.84 percent to 22.69 percent, while Nokia’s share dropped from 37.67 percent to 22.15 percent. The regional divisions were also sobering for Apple… (Read more)

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Privacy Win For Apple

Apple and other Internet-based sellers of music and programs can ask for personal information, such as addresses and phone numbers, from users, according to a ruling by the California Supreme Court. The court, in a 4 to 3 ruling on Monday, said these companies were not covered by a 22-year-old consumer law that stops businesses from collecting such information. That law, the Song-Beverly Credit Card Act, prevents businesses in California from collecting information as a condition of accepting credit card payments. However, according to the court, Apple and other Internet retailers don’t have the same safeguards against fraud as traditional stores and hence need this information for verification purposes. (Read more)

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