Apple Stock Drops to $400 Amid Reports of Employee Defections
Apple’s stock fell to $400 per share, hovering near that level in midday trading Monday following a pair of analyst reports that cast renewed doubts about the company’s growth.
Trip Chowdhry, an analyst at Global Equities Research, also said Apple Inc. employees are expressing concern about the company’s direction and are leaving to work for rivals such as Google Inc. and Facebook Inc.
“Lower Stock price is causing Apple to continue to lose employees to Google, LinkedIn. FaceBook and HP,” he wrote. “Employee morale at Apple is low.”
Peter Misek, an analyst at Jefferies & Co., reported that merchants have increased inventories of iPhones, a sign that sales are slower than expected.
The double whammy of doubts drove the stock down 3.05%, or $12.63, to $400.87 in trading Monday. At one point in the morning, it traded as low as $398.05. The Nasdaq was down 1.17% in midday trading.
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