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Monday September 29, 2008
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It's been a rough couple of months in Cupertino, as Apple has gone from a seemingly bulletproof company to the industry's whipping boy--between miscalculated product launches, overzealous download packages, and some questionable oversight of the App Store.
Now the company has stock woes to worry about . Amid the general drop today, due to news of the House veto of the government bailout plan, Apple posted a 16 percent drop in its stock price today--the worst drop in seven years.
"We worry that consensus estimates have not been revised down to reflect slowing global consumer demand and that a broadly positive investment bias ... limits upside to (Apple) shares over the next three to six months," Morgan Stanley analyst Kathryn Huberty told Reuters.
Along with what investors are terming its "overweight" price, the stock was also no doubt affected by the souring US economy. A number of other U.S. PC manufacturers experienced drops as well, though none quite so dramatic as Apple's.
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