Posted: Oct 26, 2012 4:21 PM by The Associated Press
NEW YORK (AP) - Apple's stock has recovered some losses after falling below $600 for the first time in three months.
The Cupertino, Calif., company's shares fell as low as $591 during Friday's session but closed at $604, down $5.54. The decline comes after the consumer electronics behemoth warned that costs of making new products will cut into profits in the holiday quarter.
Apple launched the iPhone 5 a month ago and announced two new iPads and three new Macs this week. In addition, it's shipping new iPods.
Apple's earnings for the latest quarter also missed expectations.
Several Wall Street analysts have cut their earnings estimates for the fiscal year that started this month.
Apple shares have now lost more than $100 from their all-time peak of $705.07, hit on Sept. 21, but Apple remains the most valuable public company in the world, by a wide margin.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties