The Straits Times
Published on Nov 08, 2012

Apple shares drop more than 20% from peak


NEW YORK (AP) - Apple's stock is falling along with a sell-off in the broader market.

The stock of the world's most valuable company has now fallen more than 20 per cent from its all-time high of US$705.07, hit on Sept 21. That was the day the latest iPhone went on sale.

The sell-off comes as Apple readies other new products for sale, including the iPad Mini. The Cupertino, California, company warned late last month that the costs of making new gadgets would cut into profit in its holiday quarter.

Apple Inc still has the world's heftiest market capitalisation at US$548 billion. Oil giant Exxon Mobil Corp. is next, at nearly US$418 billion.