AAPL Drops 8.4% Amidst Broader Tech Selloff
AAPL Drops 8.4% Amidst Broader Tech Selloff
by , 2:05 PM EDT, October 6th, 2008
AAPL shareholders hoping for a bailout-inspired rally of the stock were in for disappointment Monday, and the stock shed another 8.9% amidst a broader tech selloff sparked by a warning from auction giant Ebay. Apple's stock was trading at US$88.29 per share, down 8.16 (-8.41%), in the early afternoon trading sector.
Though the U.S. House of Representatives passed a Wall Street bailout late on Friday, a bill that was in turn quickly signed into law by President George W. Bush, the markets couldn't find a rally Monday. The DOW was off more than 500 points (down 5.78%), the S&P 500 dropped 6.48%, and the tech-heavy Nasdaq fell 139.56 (-7.17%).
With Apple having already taken a beating Friday from the bogus story of Apple CEO Steve Jobs suffering a heart attack Friday, an event being investigated by the SEC, AAPL investors could be forgiven for hoping for a rally.
Ebay's warning, however, that it would cut 1,000 jobs and purchase online bill-paying service Bill Me Later spooked the markets, sending them further into the red, bailout or no.
Apple's stock price of $88.91 per share is a new 52 week low.
*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.
Observer Comments
Mon Oct 06, 2008 4:31 pm Subject: time to update the story
Mon Oct 06, 2008 5:35 pm Subject: Closed up
QuoteTiger wrote:
Apple's stock closed UP.
Yes, but there was a general rally and the market closed up. However, I have faith in AAPL and if the new MacBooks coming this month prove to be true then we may see the stock go up farther. I am sure that the Presidential election is a factor in the market, no matter who may win, people may be waiting till November to see what direction we will be going.
Today I heard some economist saying that the stock sell-off may be due in a large part because businesses need cash. It is hard to get a loan right now, so they sell stocks.
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