Apple drops after Pac Crest recommends taking profits

|About: Apple Inc. (AAPL)|By:, SA News Editor

Six months after upgrading Apple (AAPL -3%) to Outperform on iPhone 6 hopes, Pac Crest's Andy Hargreaves recommends investors start taking profits.

Though keeping his rating for now, Hargreaves says a downgrade could arrive if Apple's Sep. 9 event doesn't reveal products/services that "suggest massive incremental profit opportunities." He doubts Apple's rumored wearable and payments platform will "drive incremental profits that are meaningful at Apple's scale in the near to medium term," and is hoping some "clarifying detail" will be given at the event.

Other Apple-related news: 1) A Chinese site indicates China Mobile has already begun taking iPhone 6 reservations. 2) Apple is reportedly talking with Nordstrom about supporting its payments platform. 3) The fallout from a weekend iCloud celebrity photo-theft scandal continues. Apple, for its part, denies iCloud was breached, but doesn't deny photos were taken through the service. 4) Ahead of the iPhone 6 launch, Samsung has unveiled its Note 4 and Edge phablets; the latter features a display that curves at the edges.