From TechCrunch: Apple stock was down over 9 percent overnight and continued the downward trend in trading this morning. In fact, the company’s stock price is down a total of 38 percent since October. This, after the company halted trading yesterday afternoon to provide lower guidance for upcoming earnings. As the iPhone upgrade market softened, it was having a big impact on revenue, at least in the short term and Apple stock took a big hit as a result.
On October 3, the stock was selling at 232.07 per share, and while the price has fluctuated and the market in general has plunged in that time period, the stock has been on a downward trend for the past couple of months and has lost approximately $87 a share since that October high point.
Last night, before the company briefly stopped trading to make its announcement, the stock stood at $157.92 a share. This morning as we went went to publication, it was recovering a bit, but still down 8.19 percent to $144.981.
D.A. Davidson senior analyst, Tom Forte says yesterday’s announcement while not completely unexpected was surprising given Apple’s traditionally strong position. “We knew that iPhone unit sales were weak, but just not how weak,” he said.
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