“When you have these sellers come in, all you have to do is wait them out — and one of the things I learned as a hedge fund manager is that patience is a true virtue,” TheStreet’s founder Jim Cramer, who also manages the Action Alerts PLUS portfolio, said.
Some Apple bears were lurking on Friday.
Apple is set to increase year over year shipments for the iPhone this month, but it might see flat or even downward trending sell-through ahead of the expected iPhone 8 release in September, according to Cowen analyst Timothy Arcuri.
Arcuri estimates 41.5 million iPhone shipments for June quarter, up from 40.4 million shipments the tech giant logged in the same quarter last year. But a 4-million-unit channel inventory drawdown from last June might dampen sell-through rates.
Shares of Apple fell 1.4% to $142.31 at Friday’s close. The stock has dropped about 1.4% over the last five sessions amid a broader selloff in high-flying tech names.