“The meteoric stock-price rise that has propelled Apple Inc. to become the world’s most-valuable company is showing signs of faltering, threatening to drag much of the market down with it,” Steven Russolillo and Jonathan Cheng report for The Wall Street Journal.
“Apple’s shares plunged 4.1% on Monday, extending their slide to a fifth consecutive day and sparking worries about whether the maker of iPads and iPhones may be headed for a bigger descent. Apple is now down 9.9% from its intraday peak of $644 hit on April 10, just shy of the 10% level that market watchers call a ‘correction,'” Russolillo and Cheng report. “On Monday, Apple fell $25.10, to $580.13, in 4 p.m. Nasdaq Stock Market composite trading.”
Russolillo and Cheng report, “The past five days’ decline has seen more than $50 billion shaved off Apple’s market capitalization. That is more than Hewlett-Packard Co.’s entire market cap of about $48 billion.”
Read more in the full article here.
MacDailyNews Take: Other market watchers call it other things: Manipulation, fomenting, Apple on sale…