Full FeedAAPL takes a huge hit
In the space of only 90 minutes, Apple’s stock dropped roughly 6 points today at the start of trading. By the time trading had closed, AAPL was down 9.67 (6.84%) shaving $8.4 billion off it’s market cap. What happened that caused this huge drop in Apple’s stock? A rumor stating that Apple was slashing production of the iPhone from 9 million units down to 4.5 million units, and production cuts of the iPod line.
Of course, this is quite unlikely to happen in my opinion as the iPod and iPhone are in high demand. It makes almost no sense for Apple to be cutting down on production, which has led people to believe that this rumor has been a staged raid on Apple’s stock. With Apple’s stock down, now would be the perfect time to buy if you have been thinking about getting into the business of stocks.
Apple hasn’t made an official comment on the situation yet, but in the mean time, you can read what Steve Jobs (Fake Steve, that is) has to say on the subject.
via [Apple 2.0]
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Great illustration! Very funny.
on August 1, 2007 at 02:11 PM - LINK