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Apple goes to crapple in stock plunge kerfaffle: $113bn wiped off in days
Cook & Co feeling the heat as investors fret
Peak Apple Apple is in the midst of a stock drop that has caused the Cupertino giant to lose as much as $113bn in market cap.
Wary that Apple's meteoric growth from recent years is slowing down as the smartphone, tablet, and PC markets continue to cool, investors have become worried that Apple may not be the financial giant it was in the first half of the decade.
Despite continuing to post record quarterly numbers, iPhone sales in particular fell short of analyst projections, leading some investors to worry that a decline in revenues is looming for Apple on the horizon.
"Apple is caught up in the vortex of a really ugly chart," noted stock analyst Jim Cramer.
"It is both over-owned, meaning a lot of funds have it, and overloved, meaning a lot of analysts are recommending it."
Even with the drop, however, Apple is far from going into crisis mode. The consumer electronics giant may have already begun a rebound as stock prices were slightly up on Wednesday.
"Apple looks to be a victim of lofty expectations," wrote Zacks Equity Research.
"Of course, some cracks have lately been spotted on its rock-solid fundamentals, but its basics are still strong and analysts still value it."
Apple is not the only big-name technology company to take a beating in the stock market as of late. Business review site Yelp has been hit with a 30 per cent dive in its stock price, while the continuing losses at Twitter have that company's stocks down to nearly pre-IPO levels. ®