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Apple stock hammered
What was a rough day for everyone on Wall Street was especially tough for Apple.
The company was on the wrong end of a pair of analyst reports which predicted slower sales numbers for the company in the personal computer arena. One report suggested that Apple's bread and butter, the $1000-plus computer market, is slowing and that Mac sales will take a hit as a result.
As if that wasn't bad enough, the impending Wall Street Bailout plan was scrapped by congress, sending stocks into a panic and pouring a generous helping of salt into Apple's wounds.
The result, an 18 per cent drop in the company's stock price, the largest drop in Apple stock in almost a decade.
The day was rough on tech stocks in general, with Microsoft, Google and Yahoo taking hits as well. While it's not the sort of bloodbath seen in the valley during the dot-com bust, certainly it was a bad Monday in the tech world.
I've been reading quite a bit about this "slow down due to Consumer confidence" Life Ionizers had the best Internet Sales today ever; Consumer confidence in my experience, and according to history, is really a change in consumer interest. History shows us that in Low Market periods (including the great depression) spending rises in many areas (entertainment, health, advertising etc). So the Apple drop, the Google drop and the Amazon drop are all fleeting figments of panic, and just like a few weeks ago, Google, Apple and Amazon will all climb back to their original positions.
So while this panic is going on, I'm going to drink some alkaline water, download some music to my iPhone and go see a movie, just like most of America is doing tonight.
Posted by Glenn Hefley | September 30, 2008 6:15 AM