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AAPL touches 52-week low, closes under $100

by Robert Palmer Oct 3rd 2008 at 4:45PM

Apple shares today reached their lowest price point since April 2007, closing at 97.07, down 3.03 points.

AAPL hit its 52-week low today, $94.65 per share, around 3:45 PM Eastern.

Early in the day, the stock was jarred with false rumors from CNN's iReport service about Steve Jobs suffering a heart attack. TUAW's own Michael Rose was among the first to contact Apple's PR VP, Katie Cotton, who said the rumors were untrue.

After the scare, prices rebounded, but never reached their highs for the day just before the rumor bubbled to the surface. Volume was at its heaviest before 10 a.m. Eastern, with about 16 million shares changing hands. In sum total, 82 million shares were traded over the course of the day.

Apple shares were slightly ahead in early after-hours trading.



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Apple shares today reached their lowest price point since April 2007, closing at 97.07, down 3.03 points. AAPL hit its 52-week low today,...
 

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chad

885 million shares traded over the course of the day would mean ALL existing shares changed hands friday.

Lets at least all agree to get the facts right on the rumor site... sheesh.

85 million. Well, 82.14 million to be exact (according to G finance).

October 04 2008 at 11:05 PM Report abuse rate up rate down Reply
maia

Yeah, Wall Street is legalized gambling.

October 04 2008 at 12:06 PM Report abuse rate up rate down Reply
Michael@reinhartstudios.com

Fuck all that bullshit. I bought a TON of stocks because they're a bargain. The SHOULD be valued at 200...

October 03 2008 at 11:57 PM Report abuse rate up rate down Reply
1 reply to Michael@reinhartstudios.com's comment
mabhatter

exactly, there's no valid reason for Apple to go this low except that the market is stupid. (and over history it really is) Wall street can delude itself all it wants the economy has been going down slowly for 5 years, they refuse to tighten their belts and keep gambling bigger money.. hence the bailout, just a market correction because Wall Street's value is generally overrated.

Apple is making big bucks on higher margin products than any other consumer computer maker and customer just keep buying. iPods are dropping just a little in each cycle to compensate for the economy..Apple's higher priced computers keep selling because customers feel they provide more value. Apple is doing fine, they post profits, they beat the "analysts" by a little bit when every body else is losing, yet consistently lose value every time they do good. Wall street is officially "play money" and doesn't represent reality anymore.

October 04 2008 at 10:33 AM Report abuse rate up rate down Reply
ANTONY

These people are manipulating the stocks of APPLE (second time in a row ) and NOBODY does something about this ?

-
Last time Bloomberg TV said that Steve jobs had died.

No wonder by the US economy goes great these days , we all paying the consequences of similar incidents

October 03 2008 at 6:14 PM Report abuse rate up rate down Reply
Kamalesh Thakker

*Naked* short-selling has worked and will work, as long as the SEC doesn't regulate it.
http://www.theregister.co.uk/2008/10/01/wikipedia_and_naked_shorting/

October 03 2008 at 6:08 PM Report abuse rate up rate down Reply
mark

Steve or not, this is a luxury stock, the most volatile of all in bad times.

October 03 2008 at 5:47 PM Report abuse rate up rate down Reply
Clayton

This seems to reflect a problem that the company has: so much is reliant on Steve Jobs (somewhat rightfully so) that if and when he leaves the company their going to need to prove they can continue to be a great company without him.

Also, its not like the economy is doing so great all around.

October 03 2008 at 5:36 PM Report abuse rate up rate down Reply
Bassir

Speaking of stocks, I have over 3,000 shares of IndyMac (IDMC.PK).

October 03 2008 at 5:36 PM Report abuse rate up rate down Reply
designr

All my other stocks are worthless. Why should my AAPL stock be any different?

October 03 2008 at 5:28 PM Report abuse rate up rate down Reply
Colin

Uh.. Steve did have a heart attack.
CNN ain't lyin', dawg.

October 03 2008 at 5:02 PM Report abuse rate up rate down Reply
1 reply to Colin's comment
Greg F

Except it wasn't CNN, but a CNN site called ireport.com which has only user submitted content, and since then CNN itself has removed the content from their site because they knew it was a fraud.

October 03 2008 at 10:39 PM Report abuse rate up rate down Reply
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