Shares in Apple Inc. continued to get hammered Friday, as the stock shed another 4.7% in very heavy volume. In the mid-afternoon session, AAPL was trading at $234.775, down $11.475 (-4.66%), on volume of 49.1 million shares trading hands, more than twice the normal volume of a full trading day.
Tech stocks in general continued the sell-off that began on Thursday over concerns of a European financial crisis, with the financial media reporting that investors are selling tech stocks in order to move their money to “safer” sectors
“Some people probably made a good amount of money, and they still have bad memories of 2008,” Morningstar analyst Toan Tran told Dow Jones Newswire. “Tech valuations are pretty high.”
At current levels, shares of AAPL have given back all of the gains made since the successful launch of the iPad on April 3rd, though well above the $210 levels is started with at the beginning of 2010.
*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.