Apple’s Shares Dropping?
06.13.07 - 04:10pm
Apple’s shares have dropped sharply following news on Wednesday that the new web browser Safari had numerous bugs, on what many perceived as a lackluster keynote speech by Steve Jobs at the WWDC, and on fears that the iPhone won’t live up to the hype.
Apple’s stock has been on an unprecedented rise with the continued build-up of the iPhone but all of a sudden investors seem to have become edgy.
The stocked dropped to 116.05 in afternoon trading on Wednesday down from highs of $127.61. Andy Hargreaves an analyst with Pacific Crest Securities blames it on anxiety over the iPhone’s capabilities. He said, “It’s because of the launch date announcement, it’s because of people getting a little bit of a closer look at the iPhone through demonstrations and what not, and thinking it’s not going to live up to all the hype.”
