Apple Shares Close the Day Down Over 6%

by , 4:50 PM EST, February 6th, 2006

Continuing a slide that began last week, Apple's stock fell 6.33%, or US$4.55, to $67.30 on Monday, its lowest point in over two months. The shares reached their high of $86.40 during last month's Macworld Expo but have dropped over 20% since then, according to MarketWatch's Rex Crum.

Mr. Crum noted Wall Street concerns that Apple will have trouble continuing to post the impressive year-over-year sales gains it saw during the past two years as the iPod became a runaway hit. Robert Bacarella, manager of the Monetta Select Technology Fund, told Mr. Crum that he has dropped his Apple holdings from 1.5% to 0.5% in recent weeks, adding: "All the good news is out. The easy money has been made."

Mr. Bacarella also said that he felt many investors are taking profits in light of Apple's share gains over the past year. Mr. Crum noted that Apple split its stock last Feb. 28 after shares almost hit $90, so it had almost doubled in value last month.

"If there was any real bad news, [the stock] would have broken down before now," Mr. Bacarella said.

As of 4:51 PM EST on Monday, Apple shares had rebounded 0.65% to $67.74.

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