AAPL falls $6.27 during rough trading day
AAPL fell 6.57 percent today after the Macworld announcements yesterday and a general retreat among tech-sector stocks. The company's stock closed at $89.16 per share, and over 42 million shares changed hands.
A lot of the selling was done last night in after-hours trading, with the stock opening the day's trading this morning around $91 a share.
In related news today, Oppenheimer Funds cut its rating on Apple stock from "outperform" to "perform," based largely on the fact that Jobs will not present the keynote speech at Macworld Expo next month.
Oppenheimer analyst Yair Reiner wrote a note to clients, saying "we don't know why Steve Jobs has pulled out of his annual address at Macworld [...] Whatever the reason, the unexpected announcement has underscored the greatest risk to Apple's long-term success -- its dependence on Jobs' health and its apparent lack of a succession plan."
AAPL has remained off its 52-week low of $79.14, which it recorded on November 21.
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