Apple Goes Tumbling Down, Stocks Slip below $600 Mark

By Wednesday, October 31, 2012 0 , Permalink 0

During the early trading hours in the US, Apple’s prices went below $600 and as low as $591 i.e. roughly down by 2 per cent. This is in stark contrast to its performance during the months of July, August and early September where its stocks were enjoying an uphill trend and have never gone below the $600 mark. Cupertino announced earlier this week that two of its senior management execs were leaving – Scott Forstall and John Browett, which may very well be the reason behind this downwards trend.

Forstall had been a key figure when it comes to development of iOS and investors may be worried because of his departure, which many believe is because he denied signing the apology letter for problems with Apple’s Maps application.

September 21 was the day when Apple saw its share prices soar past the $700 mark motivating some to stipulate that the stock will cross the $1000 mark sometime in future. Despite the blockbuster sales of iPhone 5 and having sold out the iPad Mini preorders, Apple hasn’t managed to keep the momentum going. News of iPad Mini shortage as holiday season approaches may be another reason for the decline in share prices.