Apple Takes Hit as Investor Confidence Slips
Shares of Apple were pummeled on Wall Street Monday due to investor concerns that sales growth of Mac computers, iPhones and iPods could slow as consumers spend less. Two brokerages covering the company — Morgan Stanley and RBC Capital — downgraded their ratings on Apple shares, pouring fuel on the fire. Apple stock was down more than 16 percent in late trading at about $107 per share. The concern is that consumers will shy away from premium-priced products due to the weakening economic environment, said Andy Hargreaves of Pacific Crest Securities.
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Apple Takes Hit as Investor Confidence Slips
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