Apple shares tumble 4 percent in heavy trade, on mix of reasons |
| Reuters - Dec 5, 2012 |
Shares of Apple Inc tumbled 4 percent in heavy, midday trading on Wednesday, rounding off a bleak ten weeks for the most valuable company in the United States, with analysts citing a mix of reasons for the drop.
The stock was one of the biggest percentage losers on the S&P 500, dropping 4.2 percent to $551.50 as more than 17 million shares changed hands, putting it on track to surpass the company's average daily volume over 50 days of 21 million shares.
The stock's massive size meant the retreat was responsible for two-thirds of the 1.1 percent decline in the Nasdaq 100 Index on Wednesday.
Analysts gave different reasons for the decline. Some cited a research report saying the company will lose share in the tablet computer space next year. Others cited reports of higher margin requirements at clearing firms, and several investors said uncertain tax rates on capital gains in 2013 prompted selling.
Read Full Article from Reuters
- Posted: 2012-12-05 11:56:29
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