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After 4 straight days of big jumps in Apple's stock price, profit taking claimed a little less than 4% of Apple's value. The stock closed at 44 1/16, down 1 11/16 or 3.69%.
This loss was probably triggered in large part by investors interested in locking in profits after Apple's gain of over 30% during the last 4 days of heavy trading. Other manufacturers like IBM, Gateway, Dell, Hewlett-Packard, and Compaq also fell. This helped drag Apple down.
The Mac Observer Spin: Most stocks will see a little loss after such a quick rise. In fact, had Goldman Sachs not raised Apple rating yesterday from "Market Perform" to "Recommended Buy," Apple would probably have taken a bigger nosedive than it did.
With investor confidence in Apple boosted by resurgent support from various Wall Street analysts and money managers, Apple will probably pick up its climb tomorrow or Friday.
Apple
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