Apple (APPL) Shares Hit On Rumors
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Apple (Nasdaq: AAPL) investors got a scare today after shares plunged 2.8 percent, before recovering, as rumors swept across Wall Street.
Initially, weakness was seen on anecdotal evidence from around the country suggesting that the Verizon (NYSE: VZ) iPhone launch is going weaker-than-expected. Small lines were seen in New York and other major markets.
The trickling of selling from the weak iPhone launch however turned into a landslide mid-day as rumors of Steve Jobs health started swirling again. Unsubstantiated rumors suggest he is back in the hospital.
It is quite possible that light selling in the stock from the weak Verizon launch hit at a time when the stock was thinly-bid, exasperating the down move. The big move in turn could have triggered the Jobs rumors, as traders looked to explain the selling pressure. Mr. Jobs health is always the go to rumor, especially in light of his most recent leave of absence.
Shares of Apple last traded down 0.9 percent to $354.85. The day's low was $348.
Initially, weakness was seen on anecdotal evidence from around the country suggesting that the Verizon (NYSE: VZ) iPhone launch is going weaker-than-expected. Small lines were seen in New York and other major markets.
The trickling of selling from the weak iPhone launch however turned into a landslide mid-day as rumors of Steve Jobs health started swirling again. Unsubstantiated rumors suggest he is back in the hospital.
It is quite possible that light selling in the stock from the weak Verizon launch hit at a time when the stock was thinly-bid, exasperating the down move. The big move in turn could have triggered the Jobs rumors, as traders looked to explain the selling pressure. Mr. Jobs health is always the go to rumor, especially in light of his most recent leave of absence.
Shares of Apple last traded down 0.9 percent to $354.85. The day's low was $348.
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