Shares in Apple Inc. dropped 6.9% in moderate volume Wednesday as the broader markets reversed an election day rally with post-election profit taking and losses based on poor economic data. The DOW, the NASDAQ, and the S&P 500 each dropped more than 5%.
AAPL ended the day at US$103.30 per share, a loss of $7.69 (-6.93%), on volume of some 44.7 million shares trading hands.
Nonfarm private employment dropped in October by some 157,000 jobs, a significant decline unseen since the 2002 post 9-11 slowing of the economy. In addition, ADP (the author of the employment report in question) revised its employment numbers for the month of September down from a loss of 8,000 jobs during the month to a loss of 26,000 jobs.
Investors took the news as more indication that the economy is continuing to decline, and took profits from gains made during the last two weeks.
*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.