Apple joins in broad tech decline

“Tech stocks put in a roundly negative performance Tuesday, with the majority of the sector closing in the red and adding to the previous day’s losses,” Rex Crum reports for MarketWatch.

“Fears about the latest economic woes in Europe stoked negative sentiment among investors and helped drive down the Nasdaq Composite Index by almost 56 points at to close at 2,991,” Crum reports. “It’s the first time the benchmark index has been closed below 3,000 since March 12.”

Crum reports, “Apple Inc., which earlier hit a new all-time high of $644 a share, turned south and closed with a loss of $7.79 share at $628.44.”

Read more in the full article here.

12 Comments

    1. Correct – Apple was always the runner up in the stock market but it kept going strong innovating insanely great products.
      Since Jobs passing, all the focus has been about the stocks. Back to work team. A TV revolution is needed and a virtual-self-recognizing-iSlate that transforms into a keyboard near an iMac, walk away and it becomes an iPad, approach your iTV and it acts as a gaming controller and pvr for cable shows.

  1. It’s the automatic “sell” triggers that hit too. It’s not just the rest of the market dragging it down.

    Apple, just for a moment, went above a total valuation of $600B. Those traders that set their thresholds to sell at that value automatically triggered a sale of the stock. If enough do that, it causes a subsequent downturn in the stock sell price for a while after that driving the price even lower.

    This is almost identical to what happened when the individual stock price crossed the $600 per share line. There was a short duration sell off that brought the stock price back below $600. Once those automatic sellers were cleared out the stock resumed its climb.

    While in the market there are absolutely no guarantees, I will be surprised if Apple’s stock does not start climbing again.

  2. My theory is Apple’s $600 billion market cap was too much for the market to hold up, thereby triggering a huge collapse with no bottom in sight. I have this strange feeling in the pit of my stomach that the market has gone about as far as it can go and today has signaled the start of a major market crash. Either that or it’s just my indigestion flaring up from having ingested a couple of slices of pizza pie with many assorted toppings.

    I’m sure the doomsayers are having a ball trying to scare the bejeezus out of all the timid shareholders. I’m hoping that many of the investors who sold off their various stocks today will be investing into Apple tomorrow. As long as Apple continues to build high-quality products and provide good customer service, I don’t have any concerns that consumers will not buy Apple products. That’s how I see it.

  3. Hey, there’s news about Flashback but apparently MDN won’t republish all Apple news just news that praises. Sad. But it doesn’t stop the real legitimate Apple news sites!

    1. I have seen your handle on this forum for quite a while. Given that experience, I cannot understand how you came up with this drivel. MDN has criticized Apple on many occasions.

      There has already been at least on recent MDN article on Flashback, and you will undoubtedly see more of them as the situation unfolds. Until then, unbunch the wad and relax. Windows users experience far worse than Flashback on a daily basis.

  4. PCLN had quite the day:
    741.26 -23.49(3.07%) 4:00PM EDT
    After Hours: 744.30 +3.04 (0.41%) 7:57PM EDT

    AAPL was down 1.22%. Where does price line make their money? Vendor ads?

    1. Quite the day indeed. I was able to pick up some options at a discount today. Should prove profitable. Same with AAPL as you said, it was down too. Have really done well in the last 6 months in particular with AAPL. But I have done even better with PCLN.

  5. On the one hand, how can a one-day fluctuation mean anything, if it doesn’t exceed the usual noise?
    In a sense the title IS remarkable, for AAPL usually follows the NASDAQ quite closely, except on positive news –where it gains wrt NASDAQ, and during FUD campaigns (whose effects tend to dissipate in 1-3 weeks) –when it loses some of those gains.
    The new element is that AAPL NOT following the NASDAQ starts to surprise some anal-ists, who more recently have gotten accustomed to AAPL gaining more than the NASDAQ.

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