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. Appleis 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 couldnit 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.
Ebayis 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.
Appleis 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.