Apple Inc. shares slipped to their lowest level since March and the world?s most valuable company?s market capitalization dropped below US$500-billion on Thursday.
Less than two months ago the stock crossed over the US$700 a share threshold to hit a record high of US$705.07 in intra-day trade on Sept. 21, the day the iPhone 5 went on sale.
But it has lost close to 25% since then and on Thursday slipped as much as 2.2% to US$525.25. Market watchers noted the stock?s dip into bear territory ? considered to be a drop of 20% or more ? last week.
Shortly after 1:30 p.m. ET, Apple shares stood at US$531.22 and its market capitalization was about US$499-billion.
Crushing demand for the iPhone 5 raised supply issues that made investors nervous and the company?s earnings report on Oct. 25, just days after the announcement of the iPad Mini, highlighted increasing pressure on Apple?s margins.
?Apple, once a market darling, has slumped in recent trading as it combats slowing top line growth rates and contracting gross margins as competitors fight for market share in categories Apple invented,? said a Canaccord Genuity note Wednesday.
It was just in January this year that Apple?s market cap surpassed US$400-billion. For several months it went back and forth with Exxon Mobil Corp. as the world?s most valuable company before firmly claiming the title for itself (Exxon Mobil?s market cap stood at about US$393-billion on Thursday).
In April, Apple?s market capitalization surpassed US$500-million.
Source: http://business.financialpost.com/2012/11/15/apples-market-cap-slips-below-us500b/
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