Shares in Apple Inc. shed more than 4% on Thursday in a broad market selloff sparked by concerns over a European financial crisis that’s been brewing for weeks. AAPL briefly dipped as low as $230.90 a share, but a late-session rally resulted in a climb back to $246.25, down $9.735 on the day (-3.80%), on heavy volume of 45.3 million shares trading hands.
Other tech stocks suffering losses include:
- Microsoft, which closed at $28.98, down $0.87 (-2.91%), on heavy volume of 126.6 million shares.
- IBM, which closed at $123.92, down $2.89 (-2.28%),on heavy volume of 13 million shares.
- Google, which closed at $498.67, down $11.09 (-2.18%), on heavy volume of 4.9 million shares.
- Intel, which closed at $21.51, down $0.6625 (-2.99%), on heavy volume of 160 million shares.
- Cisco, which closed at $25.49, down $1.06 (-3.99%), on heavy volume of 97.6 million shares.
AAPL is off its closing high of $270.83, set on April 23rd. Investors have been pleased with Apple’s March quarter performance and the strong introduction of the iPad. Recent losses for the stock have largely been attributed to broader worries that started with Greece’s economic and budgetary woes.
*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.