Greywolf Execution Partners‘ Mark Newton believes Apple (AAPL)’s stock, which is set to open at $92 and change on Monday following its 7-for-1 split announcement in April, may prompt a short-term selloff.
“The stock has gotten to nosebleed levels,” he said on CNBC. “I don’t think the stock can make much progress before it pulls back.”
“For people initiating new positions here, it is going to be difficult to make money in the stock in the near term,” Newton, EP’s Chief Technical analyst noted, adding the ticker has gotten extremely overbought.
Apple hopes the latest stock split will lower AAPL’s pps, making it more accessible to a larger number of investors.
Shares in the $556 billion market cap tech company fell 0.27 percent on Friday to close at $645.57. They’re now up 43.54% on a y/y basis.