It lost $40 just before a product launch and what should be record Q4 earnings
FORTUNE — Andy Zaky had some explaining to do Friday.
Not only had he risked his reputation as a canny Apple AAPL trader by issuing a “buy” recommendation on Oct. 9 — his sixth in as many years — at what he said was at or near Apple’s bottom, but he had lambasted here, here and here hedge fund manager Doug Kass who for two weeks had been telling any investor who could read, tweet or watch CNBC that Apple’s best days were over and now was the time to sell. (See Meet one of they guys tugging on the Apple slingshot.)
On Tuesday Zaky wrote that he didn’t believe Apple would fall below $615 a share.
But on Friday — two trading days before a major product launch and four before the company is scheduled to release what everyone on Wall Street expects will be record fourth-quarter earnings — the stock tore right through $615 to close at $609.84, down more than $40 (6.2%) from Tuesday’s high and nearly $100 (13.5%) off its Sept. 21 high of $705.07.
Was Kass right after all?
We asked Zaky on Friday, and he responded — a bit more defensively than usual, but as convinced as ever that Apple is headed for $1,000 by this time next year: