Apple Shares Down Again, Off Significantly From Last Week's All Time High

One week after hitting a new high, Apple’s share price is likely to end the day down for the fifth time in a row. At the time of this writing, AAPL is down nearly 3.25 percent in afternoon trading, or 9 percent since it hit $644 last week. One share of Apple is currently valued at around $585.

What’s going on here?

According to The Wall Street Journal, there are a number of factors that are causing investors, at least temporarily, to unload some Apple shares. For one, there is some concern now that Apple could launch an “iPad mini” later this year that could “cannibalize sales” of their other iDevices, including the new iPad and iPhone 4S. However, Brian Marshall, an analyst at ISI says an “iPad mini” launch isn’t happening, at least for now.

“This has been rumored for a long time. We doubt the product will hit the shelves anytime soon.”

Second, is the Department of Justice’s decision last week to sue Apple and other publishers over alleged price-fixing of e-books. Apple has called the allegations “simply not true.” For the most part, however, those in the know don’t think Apple’s short-term stock slide is anything to be concerned about at the moment. Says Michael Shea, managing partner at Direct Access Partners:

“Short Apple at your peril. This company has continued to find ways to innovate and bring products to the market that nobody else does.”

Apple will announce their second quarter financials on April 24. Have you sold any of your Apple stock since it hit an all time high last week? Is now the time to buy?