Login

Apple stock briefly dips below $500 for the first time since February in pre-market trading

Gallery Photo: Apple Mac mini and iMac pictures (late 2012)

Despite a record-breaking iPhone 5 launch in China, Apple's stock price continues to drop — as of this morning, Bloomberg reports that Apple stock briefly traded under $500 for the first time since February. Apple stock is currently sitting at about $508 just a bit after the market has opened, but the sub-$500 dip from this morning might mean Apple's stock has a bad day in store. This is just the latest lowlight for investors after Apple's stock reached the $700 point back in September just prior to the iPhone 5 launch. Apple's market cap has also since dropped below the $500 billion threshold that it passed earlier this year.

This comes after two consecutive quarterly earnings reports that missed Wall Street's expectations, though the company still continues to post record-breaking sales figures with earnings that far outstrip its competitors. Of course, there has also been other turbulence in the form of executive shake-ups and the disappointing launch of iOS 6 Maps that caused CEO Tim Cook to offer a public apology. Apple's next earnings report will be the first where the iPhone 5 has been out for a a full quarter — we'll see if the handset manages to exceed expectations and help turn Apple's stock around.

The Verge
X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.
Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.