Apple's Outlook Didn't Surprise Investors Who Were Watching
- ‘Warning flags were flying,’ Seattle-based short-seller says
- Shares fell 8.5% after regular trading as CEO revised revenue
Customers look at the Apple products at a store in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
The lower outlook for Apple Inc.’s revenue sent shares plunging, but it wasn’t a surprise to some money managers.
“Warning flags were flying,” William Fleckenstein, a Seattle-based money manager who has shorted Apple for the last three months, said in a telephone interview. “You could see the deterioration in the lack of unit growth over the last couple of years and the market share loss. It was only the mania that held the thing together and now that finally blew.”