Analyst Praise Couldn't Prop Up AAPL, Stock Drops 4%

Analyst praise of Apple's iPad wasn't enough to prop up the company's stock, which dropped more than 4% Thursday.

Broadpoint AmTech's Brian Marshall, for instance, said the device exceeded his expectations, while Marketwatch reported that Keith Bachman of BMO Capital Markets told his clients that the iPad had "largely met high expectations."

Chris Whitmore of Deutsche Bank said the device could create a "fourth leg" in Apple's product lines, and Charlie Wolf of Needham & Co. said the device should be a success out of the gate.

Despite these endorsements, however, shares in Apple fell Thursday to close at US$199.29, a loss of $8.594 (-4.13%), on heavy volume of 41.6 million shares trading hands.

There were other tech losses in the market, as well, as investors awaited earnings report from Microsoft, SanDisk, Juniper Networks, and others. Apple's new eBook competitor, Amazon, is also expected to announce earnings Thursday.

*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.