How is it possible that both apple and rim's stock went down today.?

Question

apple released the info on the iphone today and there stock went down because of jim cramer bashing however, if people are selling off with apple and the 3g iphone isnt going to sell well then why is it that rim's stock is going down oin the basis of the new iphone release.

Answer 1

You overestimate Cramer's influence.  Stocks go down for other reasons.

Answer 2

Profit taking.

Stocks NEVER go up forever.

The smart people wait for the news and sell ahead of it.

"Buy the rumor, sell the fact" is an old axiom on wall street.

Answer 3

I would challenge the premise of your question. Stocks, including competitors like RIMM and AAPL, don't go down because of Cramer or even each others product roll outs all the time, and certainly one days price action is no real indicator at all. Stocks often sell off on news, like AAPL today, many had been anticipating a big announcement, and the smart money had been buying in the past few weeks and may be taking profits, when the novices are just starting to buy. It's an old suckers game. But mainly, daily stock prices are basically meaningless, and its very hard to find a true cause other than there were more sellers than buyers today!