For a brief moment today Apple dropped below $500/share. The news that triggered the 4% selloff was that Apple had been cutting back on orders for iPhone (News - Alert) components leading many to believe that Apple is forecasting weaker sales of its flagship product.
But the recent woes of Apple has less to do with the isolated news and more to do with the fact that its man at the helm, Steve Jobs (News - Alert), has been gone and the company may be losing its footing in terms of vision and execution.
Think about it, how many revolutionary products did we see from Apple (News - Alert) when Jobs founded the company? Then how many did we see when he was ousted? Then how many did we see when he regained control of the helm? And how many since he passed away?
Past history may not be indicative of future performance but it's the best yardstick available to us when nothing else is. Apple is a behemoth but surrounded by heavyweight sharks circling it. No disrespect to the current executives, but without its daring and inventive captain, the prospects for Apple just do not seem very rosy. Which only means that the sub-$500 price we saw today will not be a one-time fluke.