Appleis stock opened $2.50 or 14.7% lower today after yesterdayis earnings warning from Cupertino. Trading volume is already more than double the usual daily average as the stock churns in a tight $0.50 range.
Todayis drop to $14.50 range represents a new 52-week low for AAPL, beating out last weekis low of $16.13. The last time AAPL traded this low was on July 10th of 1998, just days before the iMac made its MacWorld debut in New York City.
Apple currently has about $11 per share in cash and equity, meaning the stock market is valuing Appleis business and all its future potential at about $3.50 per share.
Most tech stocks are weaker today. PC stocks are especially caught in a negative trend following Appleis bad news.
We have a Detailed Analysis of Appleis earnings warning and their conference call from yesterday afternoon. For other stories regarding Appleis stock activity, visit our updated Apple Stock Watch Special Report.