Apple Bruised, Facebook Flogged And PC Stocks Pummeled Again + Comment now

PC demand slippage

Shares of Apple dropped 1.3% on Monday, dipping back below $700 on volume that was 60% higher than average for the past three months. Sharing ostensible blame for the stock’s retreat are a riot and work stoppage at Apple’s Chinese iPhone contract manufactrer, Foxconn, as well as sales of the iPhone 5, which came in below some breathless predictions by forecasters. Apple reported Monday morning that it had sold more than 5 million devices over the weekend.
Apple’s skid helped to drag the Nasdaq 100 (QQQ) ETF lower on the day by 0.59%, but it wasn’t alone in losing ground in the technology sector. Facebook took a 9.1% fall after Barron’s scathed the company’s valuation and growth prospects over the weekend. Closing at $20.79 per share, Facebook is still 7% higher than it was two weeks ago when CEO Mark Zuckerberg spoke about the challenges he faces in growing the company and lifted the stock from below $20.

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