“U.S. stocks plunged to their worst one-day performance since 2001 on Tuesday, with the Dow Jones Industrial Average losing 200 points in one minute around 3 p.m. before recovering some ground by the close, after a sell-off in China fueled concerns about growth,” Nick Godt reports for MarketWatch.
“Concerns that tighter credit conditions in China and Japan might dampen global growth first sent Shanghai sliding 9% overnight before the sell-off spread to other markets,” Godt reports. “The Dow Jones Industrial Average fell 415 points, or 3.3%, to close at 12,216, its worst one-day drop since September 2001. All 30 Dow components fell by at least 1%.”
Godt reports, “The S&P 500 index dropped 50 points, or 3.5%, to 1,399, while the technology-heavy Nasdaq Composite took the brunt of the selling, falling 96 points, or 3.9%, to 2,407… Also weighing on techs, Apple Inc. (AAPL : $83.93, -4.72, -5.3%) fell 5.3% after announcing a delay in the launch of Apple TV.”
Full article here.
Related articles:
Motley Fool on Apple TV delay: When did Apple become Microsoft? – February 27, 2007
Apple TV delay may be due to wait for FCC approval – February 27, 2007
Apple shares slip 1.9-percent in pre-market trading on Apple TV delay – February 27, 2007
Apple delays Apple TV; expects to begin shipments mid-March – February 26, 2007
PC Magazine: Why Apple TV matters – February 23, 2007
Bear Stearns: Apple TV and iPhone have changed the Apple story for the better – February 21, 2007
Deutsche Bank: Apple TV could take 30% of set-top box market within a few years – February 21, 2007
How do Apple TV and Elgato’s EyeTV work together? – February 16, 2007
Apple embraces casual gaming; iPhone, Apple TV to join iPod as gaming devices – February 09, 2007
Former GM of Microsoft’s Xbox Live Arcade: Apple TV to become video game console – February 08, 2007
ZDNet’s Graham: Apple TV hits a number of sweet spots, poised to make a big impact – January 25, 2007
Is Apple out to kill cable television? – January 25, 2007
RUMOR: Apple TV sales blowing away Apple’s internal expectations – January 25, 2007
Steve Jobs: Apple TV is the ‘DVD player for the 21st century’ – January 22, 2007
Apple TV beats out iPod, hits top spot on Apple Store sales chart – January 19, 2007
Report: first batch of 100,000 Apple TVs to ship this month – January 11, 2007
Steve Jobs moves to control the living room with Apple TV – January 10, 2007
Analyst Bajarin: Apple’s iPhone and Apple TV are industry game changers – January 09, 2007
Apple premieres Apple TV: movies, TV shows, music & photos on your big screen TV – January 09, 2007
RUMOR: Apple may enter video game market – December 05, 2006
Could Apple become king of game consoles? – September 26, 2006
Buying opportunity. Stock market will rebound and I will make money.
wait a minute…I thought it was AppleTV delay that brought down the markets today…sending the global economy in world wide ression.
I blame Vista and those damn pirates. Oh yeah, and foot infections.
Off topic . . Should I buy a new iMac now or wait a while?? What’s the word?
Occam’s Razor,
Take this with a grain of salt…
http://mactactic.com/
The US Government is $9 Trillion in debt- most of it to foreign banks, governments and individuals. Add up corporate debt, personal debt, institutional debt, state debt and local debt and that number doubles. Because the Dollar is the primary reserve currency for the world and the exchange medium for all OPEC oil trading, about as much US denominated currency exists outside the US economy as circulates inside the US.
So what, you say? I’m glad you asked.
About half of the OPEC members are in favor of switching from $ to € as the standard currency for petroleum trading. When that happens and the dollar starts falling, everyone else will join in the fray. The 2 countries driving this change are Iran and Venezuela- both on less than good terms with Dubya The Decider™.
Guess what will happen if BushCo decides to bomb Iran?
Uh-Huh.
Today market fall, zeroing out all gains this year, was caused by a 9% sell off on the other side of the world after Greenspan made a few remarks. Imagine what would happen when Iran closes the Strait of Hormuz and dumps it’s Dollars.
“Should I buy a new iMac now or wait a while??”
You should go buy an iMac now. As in right now. Stop reading this waste of time website, get over to the Apple Store and buy a 24″ iMac right now! Go! Move it!
@ Occam’s Razor
I’m wondering the same thing. If there are new towers on the way I’d like to see them first, but otherwise I’m set for a 24″. I just know I’ll buy one and the next week there will be a new 8 core tower with a built in espresso machine and tail fins. Dammit.
Back on topic – Someone said Buying Opportunity. They are correct. I’ll certainly be picking up more.
-c
Tip of the IceBerg… an economist… you are not, I think you need to read up on a few things there buddy…
Actually, Iceberg, if Iran were to completely drop the dollar (they currently trade in both) we would invade Iran because they support terrorists, are building weapons of mass destruction, don’t love freedom, or whatever other excuses they could come up with.
Remember that Saddam Hussein sold his oil for Euros. Look what happened to him.
What goes up, must come down. Why is this a surprise? Can we have some real news now?
Laughable. The global implications of Iran militarizing and closing the Strait would be astronomical.
Guess what would happen if Iran closed the Strait?
Uh-huh.
But you already knew that. So why are you providing strawman arguements here? You seem to be well grounded in economics, you must surely understand the end game of that political scenario.
Thanks for playing tho.
Thanks guys, I think I’ll give it a few weeks, (thanks r_y_a_n) my little 1G mini is still chuffin on. Mmmmm, tailfins.
The Northern side of the Persian Gulf is lined with Iranian Missiles that can hit anywhere in the area, including the largest oil fields in Kuwait, Saudi Arabia and the Iraqi oil terminals. If they think Dubya is stupid enough to attack, why not ruin everybody else’s parade and send the US economy into free fall. The USN & USAF cannot get all of them.
The scenario was just one of many that could send the US economic house of cards tumbling down around our heads. When something breaks you had better be liquid, and I don’t mean in US denominated currency & securities.
In answer to the question regarding price. If the Dollar falls versus other currencies, the Macs will get more expensive, along with most other imported goods. King George’s economy has no clothes.
Iran can do more damage to the US by shifting it’s oil bourse (oil merchant center) from US Dollars to Euros. That would precipitate another big drop in the stock market, and in the value of the dollar. Likewise, China shows it’s might by refusing to continue to pick up the huge US debt – with much more impact than popping a few satellites out of the sky.
It’s funny to think that just a few years ago the US budget was balanced and debt reduced. We were talking about a peace dividend. Then the neocons came in, same as the old cons, and their myriad schemes to shift the taxpayers credit to the entrenched power elite and war profiteers. I used to vote republican, thinking they were the small-government fiscal conservatives. Nuh-unh! Big debt is as bad if not worse than raising taxes.
Professor, can Gilligan peddle fast enough to keep my G5 PowerMac running and recharge my iPod? In case the worst happens, don’t you know. Excuse me – oh Lovey, Lovey!!
The level of economic ignorance on this thread is breathtaking. The US economy is solid. The US debt is relatively small given our wealth and the size of the economy. It’s also small compared to Japan, Italy and many other industrialized nations. Our main short-term economic concern should be the deficit disappearing too quickly, the fools in Washington raising taxes, or economic dislocations due to disturbances in China or other third world economies.
Any effort by the U.S. to wage war with Iran would result in a final catastrophic humiliation for the U.S.
The main problem would be: how can the U.S. plan to finance such a ridiculous idea? Who will loan us the Euros?
The second problem would be: where will the U.S. get the troops for this unilateral fiasco? A draft? Right; the U.S. government under Bushco would fail.
The third problem is: many of our current “allies” would side against us.
A few unabashed, phony-Christians get rich defrauding the public and writing taxpayer IOU’s; the result is the once great U.S.A. is being systematically destroyed. Impeachment? No, charge the neoconmen with treason and sentence them to jail in an Iraqi prison.
Kate:
Please share the glue you are sniffing.
@ Kate : LOL
Tip of the Iceberg: You must be uniformed. The real debt when the unfunded programs that are being borrowed against (trusts like Social Security) {thank you Jimmy Carter}
are factored in. It is closer to 37-57 TRILLION. The following was from 1993.
An even more alarming fact was revealed at the Bren Mahr College Entitlements Conference, December 13, 1993, headed by Congresswoman Marjorie Margolics-Mezvinsky, which was held to pay off a political pledge from President Clinton to Marjorie in exchange for her vote on the 1993 Budget Bill. One of the panel members of this conference was Peter G. Peterson, Investment Banker; Chairman, The Blackstone Group; President, The Concord Coalition; and Chairman of the Council on Foreign Relations. During his statement, he said that “the Federal Government had borrowed over $7 trillion from the Social Security Trust Fund.” How much have they bled from the Aviation Trust Fund, Highway Trust Fund, and other “trust funds”?
All this money is not counted in the national debt. So where is the money? Now for the two dollar question, How big of a fall will it be?
Sorry Iceberg I should have gave you the link to the article:
http://www.teslatech.info/report/articles/v1n1art/natdebt.htm
Iceberg
If you really want to be startled check out this web site, it is legit
http://mwhodges.home.att.net/nat-debt/debt-nat.htm
To all of our resident armchair economists and statesmen:
Please run for office if you have the knowledge and fscking answers. Seriously.
Any idiot can ruminate in some obscure computer forum. If you’re good enough to speak up, why not apply yourself to something more effective and meaningful?
Thank you.
OCCAM’S RAZOR:
I’m waiting to buy a new iMac. I reckon two things are about to happen.
1. Wait until Leopard (OS 10.5). Otherwise you’re buying a version of the operating that is about to be replaced. Wait until the end of March. If it’s not replaced by that time then make a move.
2. The iMac range is about to be replaced and I’d again wait until the end of March as well. And besides, when a product line is being replaced Apple and it’s resellers always knock down the price of the old stock.
Likewise there’s never a right or wrong time to buy a computer, so ultimately it’s your choice.