Apple is the second burliest company in the world, a close number two to Exxon-Mobile, but the stock’s ‘mojo’ took quite a hit this morning, as its price plummeted nearly 10 percent by 10:00 a.m. eastern time.
Investor concerns over iPhone and iPad sales are overshadowing the debut of the iPhone 5 in China. The stock has fallen to its lowest level this morning since the launch of the iPhone 5, dropping to about $465 this morning. That’s down more than $200 from its last all-time high of $705.07.
Concerns over iPhone 5 production falling short of demand, the infamous failure of its Apple Maps launch and an executive shake-up have combined to inspire caution in the hearts of aapl investors everywhere, according to Mercurynews.com, a Silicon Valley based tech publication.
Waning international enthusiasm for the release of the iPhone 5 is also to blame for the stock’s dismal performance the last few days, according to UBS analyst Steve Milunovich. He reported last Thursday night that his sources say the iPhone 5 will not be as successful as the iPhone 4S in China, and reports of short lines for the phone’s release seem to support that idea.
The news is so awful for Apple that its bad fortune has spread to the entire Nasdaq and Standard and Poor’s 500, as stock indexes have failed to advance. Reuters also reported declines in the stocks of six Apple suppliers.