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Slideshow Sponsored Links High-flying Apple falls to earth as investors fret over taxes Tweet Share this Email Print Related News U.S. stocks edge up on fiscal talks; oil climbs 3:07pm EST On eve of fiscal cliff talks, positions harden Thu, Nov 15 2012 Wall Street ends flat as wary investors stay defensive Thu, Nov 15 2012 Wall Street drops on deficit, Middle East concerns Wed, Nov 14 2012 Obama says tax hike will have to come first in "fiscal cliff" deal Wed, Nov 14 2012 Analysis & Opinion Counterparties: When climate change gets fiscal Q&A with Jeff Stibel: What small business owners need to know about the fiscal cliff Related Topics Investing Simplified » Tech » Money » Media » The Apple logo hangs in a glass enclosure above the 5th Ave Apple Store in New York, September 20, 2012. Credit: Reuters/Lucas Jackson By Leah Schnurr and Chuck Mikolajczak NEW YORK | Fri Nov 16, 2012 1:41pm EST NEW YORK (Reuters) - Gravity has taken hold of Apple, and a lot of investors have been smacked on the head. Apple Inc, the largest U.S. stock by market value, was headed toward its eighth straight week of declines on Friday, as the rush to secure profits before a potential hike in capital gains taxes next year has investors dumping the market favorite. Since hitting a record high of $705.07 a share in September, Apple has lost about a quarter of its value. The stock's descent has vastly outpaced those of the S&P 500, which is down just under 7 percent in the same time frame. "No individual investment can defy gravity," said Erik Davidson, deputy chief investment officer for Wells Fargo Private Bank, in San Francisco. The declines have shaved about $170 billion off the company's market capitalization -- or just a bit more than the entire value of Coca-Cola. Apple is still currently worth about $493 billion, about $100 billion more than the second-most valuable U.S. company, Exxon Mobil. Apple on Friday afternoon was little changed, up 0.2 percent at $526.59. Taxes on capital gains and dividends are likely to rise next year as part of an expected deficit-cutting deal to avoid the so-called fiscal cliff of scheduled tax hikes and spending cuts. With a stock like Apple, where investors may have large embedded capital gains as a result of its stellar run, selling now locks in gains and offsets the possibility of higher taxes next year. The uncertainty over the outcome of talks in Washington over the fiscal cliff has sapped the natural inclination to buy declining shares. "Some of the selling is being driven by these tax decisions, but the flip side is there is not a lot of buyers because the buyers are procrastinating to see how the negotiations come out," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "You probably have an inordinate effect to the downside because of these tax strategies." The current 15 percent tax rate on dividends and capital gains is scheduled at expire at year end, and the two items are to revert back to being taxed as ordinary income, which means the highest earners would face rates of 35 percent. The recent plunge is a reversal of fortune for high-flying Apple, those though the shares remain up about 30 percent for the year so far. Apple shares have rise every year since 2003 with the exception of 2008, when the market was struck by the global financial crisis. "If you've got all these gains - which a lot of Apple investors have because it's done very, very well - then you're going to see selling in the likes of Apple and other companies that have had good runs," Davidson said. Apple's stock has been below both its 14-day and 50-day moving average for over a month, suggesting both the short- and mid-term momentum is negative. Despite the declines, Thomson Reuters StarMine estimates the stock's intrinsic value is about $833.90 a share. That figure is derived from analyst estimates for growth over the next five years and StarMine's expected growth rates for several years after that. Given that the stock is likely worth more than where it is trading, tax concerns are probably playing into the recent weakness, said Phil Orlando, chief equity market strategist at Federated Investors, in New York. "I think the stock is worth $750," said Orlando. "If you are sitting here looking at Apple trading at $500, you say, 'Well the stock ought to be 50 percent higher over the course of the next year or two,' so the stock looks pretty attractive." (Reporting by Leah Schnurr and Chuck Mikolajczak; Editing by Leslie Adler) Investing Simplified Tech Money Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (3) From_California wrote: Edition: U.S. Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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