Appleis stock trading volume broke through the 100 million share mark for todayis session at about 2 pm EST with 108,533,000 total shares already having exchanged hands at press time. Usually Appleis stock (AAPL) trades about 5 million shares a day. AAPL is trading at 26 down 27 1/2 from yesterdayis close of 53 1/2.
Our favorite computer manufacturer warned investors yesterday that it was going to miss earning expectations for the first time in years. See the Mac Observer full story.
Roughly 60% of Apple stock is owned by institutions, such a mutual funds, who must be responsible for the huge intraday trading volume. Now that so much of AAPL has been released on the open market by big funds, what is commonly called "churn" -- high volume sideways trading -- will go on for several days while the various styles of traders will jump in for a short term profit. Meanwhile, a flood of downgrades is flooding the newswires helping to fan the flames of volatility.
Ultimately, only further details of what went wrong with sales from the company for the quarter ending today will clarify the situation.
Appleis warning has help turn many computer related stocks negative today. Weill have full coverage of the dayis trading action in the Apple Stock Watch after the markets close.
For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. For other stories regarding Appleis stock activity, visit our Apple Stock Watch Special Report.