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Apple Panic: Down 6%, Falls Below $400

*from www.money.cnn.com, April 17, 2013 (To view original article click here.)

Take Away #1: Shares of Apple plunged nearly 6% Wednesday afternoon and hit a new 52-week low of $398.11 in the process.

Key Facts and Figures:

  • Shares recovered as the day wore on, but Apple’s stock is now down almost 25% this year.
  • Shares of Apple are now more than 40% below the all-time high it hit just last September.

Take Away #2: The catalyst to Apple’s enormous decline on Wednesday appears to be a weak sales outlook from chip company Cirrus Logic after the closing bell Tuesday.

Key Facts and Figures:

  • Cirrus is a key supplier to Apple.
  • Its audio chips are used in the latest iterations of the iPhone and iPad mini.
  • Shares of Cirrus plunged nearly 14% on the news.

*To view original article from www.money.cnn.com click here.

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