Apple Back at $500: Time to Buy or Time to Panic?

Deja vu. That might be how some Apple (NASDAQ: AAPL  ) investors are feeling today. A year ago, Apple shed 11% after reporting fiscal first-quarter earnings with iPhone sales falling short of expectations. At the low this morning, Apple shares were down nearly $50, or 9%, after iPhone sales again came in shy. Both times, Apple set new all-time records of most of its pertinent metrics. Both times, it wasn't enough.