“Apple Computer Inc. shares fell more than 4% Wednesday when the company said it would replace units of its new iPod nano, after complaints that screens on the tiny portable music players are prone to cracking and scratching,” Rex Crum reports for MarketWatch. “Apple shares fell $2.56 to $50.88 in afternoon trading on volume that was nearly double the three-month daily average. Earlier, the shares touched $50.70… Apple CEO Steve Jobs took a calculated risk by replacing the best-selling iPod model, called the mini, with an even smaller device. Apple is touting the nano’s small size in its marketing campaign, a move that could backfire if the product acquires a reputation for fragility.”
Full article here.
Apple shares currently stand at $50.77, down $2.67, a loss of 5.00%, on heavy volume of 30,134,454.
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