Feeds

Apple shares take biggest one-day hammering in 4 years

Foxconn rebrander not worth $0.7 TREELLION, turns out

Choosing a cloud hosting partner with confidence

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. ®

Internet Security Threat Report 2014

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
HBO shocks US pay TV world: We're down with OTT. Netflix says, 'Gee'
This affects every broadcaster, every cable guy
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
French 'terror law' declares WAR on the INTERNET itself, say digi-rights folks
Liberté, Égalité, Fraternité: Two out of three ain't bad
SCREW YOU, EU: BBC rolls out Right To Remember as Google deletes links
Not even Google can withstand the power of Auntie
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.