Market Jitters Send AAPL Down 3.4%

| Apple Stock Watch

Shares in Apple Inc. dropped 3.41% on Tuesday, ending the day at US$338.61, down $11.95 (-3.41%), on heavy volume of more than 31 million shares trading hands. Investors were spooked by continued civil unrest in the Middle East, and Libya, and rumors that Apple’s as yet unannounced iPad 2 and iPhone 5 will be delayed didn’t help Apple, either.

Earlier on Tuesday we reported conflicting rumors that the iPad and iPhone production issues would cause delays on their release, along with some conflicting reports that this just wasn’t the case.

The uncertainty didn’t do a thing to help Apple amidst the broader selloff, and not even what looked like a controlled leak to AllThingsD that Apple was announcing the iPad 2 on March 2nd could boost Apple’s stock.

AAPL Chart

Source: Yahoo! Finance

AAPL has been at historic highs in recent weeks, a condition that lends itself well to investors taking profits, especially in a selloff. Other tech companies also saw their stocks take a hit, including HP, which closed at $48.23, down $0.440 (-0.90%); Microsoft, which closed at $26.59, down $0.470 (-1.74%); Intel, which closed at $21.81, down $0.330 (-1.49%); Oracle, closing at $32.53, down $1.15 (-3.41%); Dell, closing at $15.145, down $0.285 (-1.85%); and many more.

The tech-heavy NASDAQ ended the day at 2756.42, down 77.53 (-2.74%). The DOW also sold off, even though oil companies rose on the same Middle East/Libya news that punished the rest of the market, ending the day at 12212.79, off by 178.46 (-1.44%).

*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.  

Comments

daddy

on heavy volume of more than 31 shares trading hands.

Less than 20 shares trade hands on lighter days I guess.

Bryan Chaffin

errr….ummm…corrected. smile

Thanks for catching that!

John Molloy

“Market Jitters Send AAPL Down 3.4%”
Bryan, love your stuff, but I fear there was a bit more than that to it.

Check out Zaky’s post on seeking alpha today… If you think it was just jitters…

http://static.seekingalpha.com/article/254220-apple-manipulator-craig-berger-strikes-again?source=qp_article

Constable Odo

Yeah, over the past week or so, Apple investors have been strangely spooked by almost $30.  Ghostbusters ain’t afraid of no ghosts like Apple investors are.

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