A few days ago, we told you about the iPhone 5 and the lack of interest the product was generating. The iPhone 5 even came in worst among the top smart phones. And now this. The company’s shares fell over 6% today.
Apple Inc. shares tumbled more than 6 percent on Wednesday, chalking up their biggest single-day loss in four years as fears grow about intensifying competition in the mobile device market.
The sell-off, fueled by a forecast by an influential research firm that the iPad maker is continuing to cede ground to rival Google Inc. Android gadgets, rounded off a bleak 10 weeks for the most valuable U.S. company.
The stock was one of Wednesday’s biggest percentage losers on the S&P 500, shedding $35 billion of market value as more than 37 million shares changed hands — blowing past the company’s average daily volume over 50 days of 21 million.
Apple’s shares, once among the most desirable of portfolio holdings, have headed steadily south since September on growing uncertainty about the company’s ability to fend off unprecedented competition. This year saw a surge in sales of Amazon.com Inc.’s cheaper Kindle Fire and Microsoft Corp.’s first foray into the tablet market with its Surface.
Meanwhile, Samsung Electronics continues to chip away at the iPad’s dominance with its Galaxy line.
