“The Nasdaq Composite Index fell 0.62% to 2,973.68 at 3:00 p.m. EST today as Apple stock fell to a 10-month low,” Jonah Loeb reports for Minyanville.
“The tech giant saw its stock price plummet 3.87% to just $509.20 after consumer pressure forced it to bring Google Maps services back to iOS,” Loeb reports.
MacDailyNews Take: No. Apple removed Google’s data from iOS Maps and, due to this newfound competition, Google was forced to up their game. They wrote a new Maps app and submitted it to Apple’s App Store for approval. Having followed Apple’s guidelines, the app was approved.
Loeb reports, “Facebook also hit a skid today, falling 3.90% to $27.14 as its fourth lockup period expired, opening up another 156 million shares of the company to public trading.”
Read more in the full article here.
MacDailyNews Take: We find it highly doubtful that Apple’s iPhone cementing it’s position as the undisputed best smartphone for mobile maps caused the stock to swoon. Perhaps other factors are weighing on the stock?