Apple Shares Take A Nosedive, Industry Follows Suit
Not a good time to have little Timmy’s inheritance in Apple shares, as they dropped by almost 18% on Monday following shaky industry reports and Wall Street worries about the US Federal rescue plan.
The stock price is currently at $105.26, a low not seen since May 2007, and fell from $128.24 to make the steepest Apple price drop in 8 years.
As news emerged that the $700 billion rescue plan for the industry failed to pass through the House of Representatives, the stock market went into freefall as the Dow Jones lost a worst ever 800 points, and Wall Street saw the bleakest day of trading post-9/11.
The ramifications are currently being felt across the globe as well as in the tech sector, with others in the mobile industry feeling the effects deeply.
Microsoft shares fell by 8.7%, whilst Nokia and Samsung felt the ripples also. The lattermost at least have a barrage of forthcoming handsets like the Tube and the M8800 Pixon to weather the storm, but with a lack of information regarding a follow-up to the MacBook Pro and a lacklustre iPod nano announcement last week, Apple’s previously recession-proof sheen is beginning to fade.
Our bet? Apple will come up with a positive bit of spin in the coming week, either a ‘leaked’ photo or quick announcement to get back on the right track, and be fine in no time. Right?
Source: San Jose Mercury News
