Apple Inc. (NASDAQ:AAPL) stock has dropped 6.4% month-over-month as of close on November 7. Shares are still up 24% in 2018.
The technology-heavy NASDAQ index was thrashed in October, suffering its worst losses since October 2008 – the height of the financial crisis.
Apple stock was unable to escape the carnage this time, and a November 1 earnings release failed to deliver renewed momentum.
The company released its fourth-quarter and full-year results last week, which were met with disappointment from analysts. That the earnings were still solid speaks to the high standards the company is held to. Revenue rose 20% year-over-year and earnings per share were up 41%.
Apple reported services revenue of $10 billion, representing an all-time high for the company.
Apple released a very positive report last July, which resulted in a rally for the stock. Shares have since retreated from the mid-summer gains, which gives investors a terrific opportunity to jump in while its price remains attractive. Apple stock currently sits at $209.95 as of this writing.
To buy on the dip investors may want to wait for a retreat below $200, but the midterm bump may prevent this from happening.
With that in mind, Apple looks like a solid buy today. The stock also offers a modest cash dividend of $0.73 per share which represents a 1.3% yield.
