Feeds

Apple shares take biggest one-day hammering in 4 years

Foxconn rebrander not worth $0.7 TREELLION, turns out

Build a business case: developing custom apps

Apple shares took the biggest single-day hit in four years on Wednesday, falling more than 6 percent on NASDAQ to $538.79.

The tumble took Apple's market cap down to $506.84bn, well below the dizzy heights of $705.07 billion reached in September this year. Yesterday saw an eye-watering $34.8 billion wiped off the total value of the company in one day.

Investors cited fears about competition in the mobile market and the threat from both Android and Nokia/Windows as factors in the fall.

But competition has always been strong and so it's likely to be factors from within Apple itself that are shifting perceptions. The iPad Mini hasn't been the wunderhit many were expecting, with warm but not raving reviews and very muted crowds at the launch of the device. The absence of any other big hitter devices on the horizon - a new Apple TV still seems far off - reinforces the view that Apple may be losing its innovative edge in the Tim Cook era.

On the financial side, Reuters reported unconfirmed rumours that that at least one major stock-clearing house was raising margin requirements on Apple stock trades.

The actions of a rogue trader who used 1.625 million Apple shares to pull a rogue deal worth $1 billion just before Apple's quarterly results came out, can't have helped matters either.

The dodgy deal was discovered when Apple's quarterly earnings on 25th October missed expectations, shares fell and the trader's employer took a massive hit on the trade.

Apple's next earnings are due 24th January. ®

Build a business case: developing custom apps

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.