Apple Tanks 11%, Largest Selloff Since 2008Submitted by emalvini on Thu, 01/24/2013 - 16:29
Apple Tanks 11%, Largest Selloff Since 2008
Matt Egan | January 24, 2013 | Fox Bussiness
Shares of former tech darling Apple (AAPL) tumbled 11% on Thursday in their largest selloff since the 2008 financial crisis as Wall Street worries the iPhone maker’s incredible growth pace may be over.
The steep tumble leaves Apple at fresh 11-month lows and knocked the consumer-electronics giant off its perch as the world's most valuable company by market capitalization, allowing ExxonMobil (XOM) to retake the top spot.
The bad day for Apple comes after the company disappointed shareholders on Wednesday evening with gaudy quarterly results that failed to meet Wall Street’s lofty expectations.
In response, a number of analysts downgraded their ratings on Apple, including Jefferies (JEF) and Scotia, and Morgan Stanley (MS) removed the stock from its best ideas list.