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Apple Stock Tumbles After iPhone Fiasco

Friday, September 7, 2007

Apple stock received a thrashing from Wall Street over the last three days, as investors showed their displeasure with the company's missteps in iPhone pricing by shaving billions of dollars off the company's market cap.

The sell off started Wednesday when Apple chief executive Steve Jobs surprised customers and shareholders with a $200 price cut on the iPhone, which had only been available for two months. Apple typically doesn't reduce prices on products until they're trumped by upgrades.

Unhappy with the impact the cut would have on Apple's bottom line, investors on Wednesday dumped the company's stock, driving its price down 6.1% to $136.76 per share. On Thursday, the sell off started anew when Jobs said the company would offer iPhone buyers who paid the original $599 for the gadget a $100 credit on any Apple product bought through its Web site or retail stores. The credit, triggered by angry protests from early iPhone buyers, led to Apple stock finishing the day down 55 cents to $135.01.

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posted by JJ, 10:13 PM

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