Apple shares took a tumble today, with a over six percent loss, making this the largest stock drop in a single day, making it the biggest one in four years. Analysts and other investors are blaming the sell-off and resulting stock price drop on many factors, including a recent forecast by an influential firm that Google’s Android operating system continues to gain ground, as well as unconfirmed reports that at least one stock-clearing house has been raising margin requirements on trades in Apple stock.
Other factors being focused on, according to a report at Reuters, include a potential hike in capital gains tax starting next year if current financial wrangling in Washington fails, as well as rumors that Nokia had beat Apple in China by making a deal to sell Lumia phones via China Mobile, the country’s biggest wireless provider.
A drop in six percent may seem small, until you realize that the total value of current stock shed $35 billion in market value, while over 37 million shares changed hands, making Apple one of the day’s biggest percentage losers in the S&P 500. Apple’s average daily volume over the past 50 days is only 21 million.
The continued decline of Apple stock value as well as resulting analysis that Apple has lost its way has got to be taking its toll on frontman Tim Cook, who took control after Steve Jobs’ death last year.
But is this truly fair? Should we hold only Apple to such lofty goals? It makes sense that any company would have a hard time sustaining such amazing growth in any time period for as long as Apple already has. Perhaps investors and analysts just need to wait a bit, relax, pick up a hobby.
Because Apple stock has been such a monstrous success lately, reports Reuters, today’s loss resulted in Apple being responsible for almost the entire 1.1 percent drop in the full Nasdaq 100 Index.
Apple is still up 33 percent over last year. Let’s remember that when we also lament that it’s also down 24 percent from it’s record high of $705 per share this past September.Related