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Apple stock falls under $600 after holiday warning
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 This material may not be published, broadcast, rewritten or redistributed.)
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