Apple shares drop 20 per cent from peak
Apple CEO Tim Cook speaks during an event to announce new products in San Jose, Calif., Tuesday, Oct. 23, 2012. (AP / Marcio Jose Sanchez)
The Associated Press
Published Wednesday, November 7, 2012 1:12PM EST
NEW YORK -- Apple's stock is falling along with a sell-off in the broader market.
The stock of the world's most valuable company has now fallen more than 20 per cent from its all-time high of $705.07, hit on Sept. 21. That was the day the latest iPhone went on sale.
The sell-off comes as Apple readies other new products for sale, including the iPad Mini. The Cupertino, Calif., company warned late last month that the costs of making new gadgets would cut into profit in its holiday quarter.
Apple Inc. still has the world's heftiest market capitalization at $548 billion. Oil giant Exxon Mobil Corp. is next, at nearly $418 billion.
Apple shares are down 3.5 per cent to $559.86 in midday trading Wednesday. The tech-heavy Nasdaq composite index is down 2.6 per cent.