![]() The low point was reached on March 28, at US$58.71. ![]() With no major Apple news apart from some rumblings about French anti-iTMS legislation in the works, there was simply not much reason for anyone to change their opinion on what AAPL should be worth. There was an immediate five percent drop, and then the downward slide was back on. Expectations for Steve Jobs' Next Big Presentation kept the price rolling around US$70, until the veil was pulled and nobody seemed very impressed by some iPod speakers and a new Mac mini. The concerns about the rollout of Mactels eased considerably, pulling the stock from US$64.71 to US$70.57 in two days. Then the Macbook Pro was released on February 13. Jim Cramer screamed something about "It's gonna hitUS$100! BUYBUYBUY!" Life was good for the Apple faithful. That was US$2 billion more than Dell at the time. The stock hit US$85.59 a share on January 13, making the company worth US$72 billion. The company reported a massively successful holiday season, iPods were selling as fast as Apple could crank them out, and Jobs unveiled the new Intel-based line of Macs. ![]() Fast forward to January 10, 2006, where we begin our step-by-step inspection. Apple had paid off all its debt in 2003 and the cash was rolling in by the bucket load. From late 2004 onward, Steve Jobs and company rode the iPod and iTMS to ever-higher stock prices. Up, up, and awayįor a couple of years, Apple made all the right moves. The road to One Infinite Loop is rather rocky. So come with me on a hike through the hills and valleys of Wall Street and Cupertino, and make sure you're wearing comfortable boots. Considering the close eye we're keeping on Apple from our orbiting HQ, we felt (translation: Ken cracked the whip, yelling something about "lazy, no-good writers") it was time to take a broader look at how the company has been performing of late.
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