Â
Sponsored by
NATIONAL NEWS
Apple stock falls under $600 after holiday warning
Posted: Oct 26, 2012 9:14 AM by Associated Press
NEW YORK (AP) - Investors are sending Apple's stock below $600 for the first time in three months, after the consumer electronics behemoth reported earnings for its latest quarter that missed expectations and warned that profits in the holiday quarter would fall from last year.
Apple shares are down 2 percent at $597.64 in midday trading Friday.
Late Thursday, Apple said profits for the rest of the year would be lower than what Wall Street has been expecting because it's launching so many new products. It's expecting mammoth sales, but new products are more expensive to make than older ones.
Apple shares have now lost more than $100 from their all-time peak of $705.07, hit on Sept. 21, the day the iPhone went on sale in the U.S. and eight other countries.
(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 This material may not be published, broadcast, rewritten or redistributed.)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 feedback@ksby.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
KSBY.COM VIDEOS
-
Moore, Oklahoma residents continue to sift through rubble left by deadly tornado
Views: 2 May 24, 2013 -
Hasay finishes 18th at regionals, fails to advance to NCAA Championships in 10K
Views: 19 May 24, 2013 -
"Monster" reunited with owner after his cage was blown away during Oklahoma tornado
Views: 99 May 22, 2013 -
Joshua Hornsby mourns the loss of his young daughter killed in the Oklahoma tornado
Views: 30 May 22, 2013
Comments