“Apple (AAPL) opened Thursday at $464.02,” Philip Elmer-DeWitt reports for Fortune. “An hour and nine minutes later, it hit $457.95, having shed more than $5.5 billion in market value.”
“What happened?” P.E.D. asks. “One never knows on Wall Street, but the most likely explanation is that traders who bought Apple for its $3.05-per-share dividend sold it as soon as the stock went ex-dividend, which was 9:30 a.m. Thursday morning.”
P.E.D. reports, “Apple recovered somewhat, closing Thursday at $461.01, down only $3.97 (0.85%) for the day.”
Read more and see the chart in the full article here.