AAPL Drops 6.9% as Employment Figures Push Markets Lower

by , 4:50 PM EST, November 5th, 2008

Shares in Apple Inc. dropped 6.9% in moderate volume Wednesday as the broader markets reversed an election day rally with post-election profit taking and losses based on poor economic data. The DOW, the NASDAQ, and the S&P 500 each dropped more than 5%.

AAPL ended the day at US$103.30 per share, a loss of $7.69 (-6.93%), on volume of some 44.7 million shares trading hands.

Nonfarm private employment dropped in October by some 157,000 jobs, a significant decline unseen since the 2002 post 9-11 slowing of the economy. In addition, ADP (the author of the employment report in question) revised its employment numbers for the month of September down from a loss of 8,000 jobs during the month to a loss of 26,000 jobs.

Investors took the news as more indication that the economy is continuing to decline, and took profits from gains made during the last two weeks.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.  

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.