“Apple Inc. shares continued their descent, extending a decline from an April 10 intraday peak to more than 10%,” Jonathan Cheng and Jessica E. Vascellaro report for The Wall Street Journal. “That, by some definitions, puts Apple’s shares into a ‘correction.'”
“The decline has been swift, taking just nine trading days. Before then, Apple had been up 59% this year, reaching an intraday peak of $644 a share on April 10,” Cheng and Vascellaro report. “The stock has lost $56.5 billion in market value over the past two weeks.”
MacDailyNews Take: So, in other words, Apple stock is up 41% this year.
Cheng and Vascellaro report, “On Friday, shares of the Cupertino, Calif., technology company fell for a third straight day, dropping $14.46, or 2.5%, to $572.98. The stock is down 9.9% since its all-time closing high hit on April 9. It tumbled 5.3% this week, its worst since October, shortly after co-founder Steve Jobs died… The company still is expected to report a strong second quarter. Analysts predict earnings of $9.92 a share on revenue of $36.6 billion, according to estimates from Thomson Reuters. That is up from $6.40 a share and $24.7 billion in sales in the year-earlier quarter.”
Read more in the full article here.
MacDailyNews Note: Tahnsk to MacDailyNews reader “peter gunther” for making us do the math above.
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