Apple Stock Dives Despite Record Earnings
Despite Apple (AAPL) having a record quarter for earnings, its stock fell sharply in after-hours trading. Apple finished the day trading at $155.64 ( down $-5.72 ), and before earnings were revealed at around 5:00 PM EST, Apple fell by as much as 11% on relatively heavy after-hours volume prompting Piper Jaffray analyst Gene Munster to say “the stock was going down to 130 no matter what results Apple posted”. Munster admits in a telephone interview with Fortune-CNN that “in his five years of covering Apple he’s never seen anything like the market’s reaction to these earnings”. It seems that larger economic concerns are on the minds of investors and until those concerns are put to rest, Apple may not be valued based on its merits. Hopefully cooler heads will prevail tomorrow.