Apple Stock Plummets After Shortfall Announcement
8:24 AM | Tom Bridge | Comment on this story
In what could only be considered one of the darkest days in Apple's stock market performance, today Apple stock has taken an enormous hit, trading at one point at 27.88, down over 25 points from yesterday's close. This huge deflation in Apple Stock comes just a day after announcements that the company's 4th-Quarter Profits might only reach $110 million, down from $165 million from earlier projections. The stock's market value is down over $8 billion in just two short hours since the market opened this morning. A near 50% drop is almost unheard-of in any stock, especially Apple's.
From the Dow Jones Newswire:
Apple said it expects to report earnings for the September quarter of 30 cents to 33 cents a share, excluding investment gains, on revenue of $1.85 billion to $1.90 billion. The consensus view had been 45 cents.Apple's stock has been remarkably resilient compared to other tech stocks since the 'dot.com correction' earlier this April that sent many such companies spiraling earthward. Apple's tremendous cash reserves in relation to other companies is likely to soften the blow of this stock value loss, and a few market analysts are already predicting a rebound.
DowJones Newswire Release
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