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(AAPL) NewsBite - Downgrade Pulls Down Apple

Apple Inc. (AAPL) opened at 167.40. So far today, the stock has hit a low of 161.28 and a high of 168.00. AAPL is now trading at 160.03, down 8.13 (-4.86%). The stock hit its 52 week high of 202.96 in December and set its 52 week low of 91.42 in April. AAPL has been generally up for the past year. Shares of Apple have been plunging after an American Technology Research analyst downgraded the stock to "Neutral" from "Buy," saying the shares are no longer inexpensive and the company's near-term results might not meet expectations. Technical indicators for the stock are bullish and steady while S&P gives AAPL a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider a July bear-call credit spread above the $230 range. AAPL stock could rise up to 43.7% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]