Apple: Buy the Dip?

Over the last couple of weeks, people have been buzzing about the iPhone 8 and the iPhone X. However, investors don't seem to be too happy about it. Shares of Apple Inc. (NASDAQ:AAPL) have been dropping from their high of $164.94, closing at $151.89 on 9/22/17. Among other issues, there are concerns that:

• Customers will ignore the iPhone 8, waiting for the iPhone X instead
• iPhone X is overpriced (starting at $999)
• Release date (11/3/17) of iPhone X will push some sales into 2018, especially if there are delays
• Apple Watch 3 connectivity issues will hamper sales

While there is truth to these concerns, it pays to look at the bigger picture. Apple is a very solid investment - a powerful company with great products and a loyal customer base. iPhone X should deliver strong profits for the company, even if they come a bit later than investors were hoping for. We've been holding Apple for several years now, but the recent drop may be a chance to pick up additional shares while they are on sale. We are going to be watching Apple closely, waiting for the price to stabilize before pulling the trigger.