Q1 2013 earnings and investor's not participate in it at with that zeal which they do before. So company missed on revenue and exceeded expectations on earnings per share. In last hours Stock dropped near to 10% and also falling market capitalization.
Apple this loss is greater then all losses company bear in last four years. Now Reuters reported that Morgan Stanley cut price target from 178$ to 115$. Companies share are down now.These days Apple suffering from ups and downs and no consistency is noted in it in market for some days. But investors still manged to shave off $50 billion market cap. As Apple is biggest traded company in world so for it drop of double digit is Huge which is more than 10%.
Apple still manged to generate profit of 13.1 billion dollar. So it shows that it shares will not drop more tomorrow, it looks short term reaction in market.
Apple was smoothly and consistently growing under Steve Jobs and Tim Cook in previous years with assets of 196 billion dollar and those assets represents good portion of market capitalization of 484 billion dollar.