AAPL Enters Bear Market Wednesday
On the first day of Wall Street trading since last night's election, the Dow Jones Industrial Average plummeted 2% and closed below 13,000 for the first time since late summer. The downturn in stocks today spared no sector, walloping tech stocks as well - with Apple facing some of the harshest volatility.
Specifically, Apple fell better than than 3 percent, capping an astounding 20 percent drop from Apple's all-time high of $705.07 recorded in mid-September. According to analysts speaking with CNBC, AAPL finished the session in "bear market territory."
"For now, everything has been refreshed and all the new products are out," Tim Ghriskey, Chief Investment Officer of Solaris Asset Management, said. "Then there are questions about whether margins have peaked at this company."
So what is really worrying investors and analysts? With the iPhone 5 and iPad mini now available, there's a concern that there is "little innovation on the horizon" for Apple in the immediate future. And that could be going a long way to cool the value of the stock.