Apple Stock Tumbles Most in 10 Months in 60 Second Swoon
Apple Inc. (AAPL) shares plunged almost 5 percent during a 60-second swoon that started 20 minutes after trading began today, falling the most since January before paring half the loss almost as quickly.
About $40 billion of market value was erased and then mostly restored as shares of the Cupertino, California-based iPhone maker slumped along with other technology stocks. The decline was fastest between 9:50 a.m. and 9:51 a.m., when more than 6 million Apple shares traded at prices from $117 to $111.27 in more than 30,000 different trades.
The volume was pretty heavy, so it could’ve just been one big investor taking profits or getting out of their position. The move was dramatic, but the recovery was dramatic as well. It amounts to a lot of intra-day noise.
The drop in Apple also came as the market opened lower as weaker economic data in China and fewer shoppers seeking Black Friday sales overshadowed an expansion in American factory output.
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