Apple 2.0

Covering the business that Steve Jobs built

AAPL dips into negative territory

April 18, 2011: 10:33 AM ET

As of Monday morning the stock was officially down for 2011

Explain this, if you would.

Two days before Apple (AAPL) was expected to report record earnings -- with customers snapping up iPhones faster than it can make them and others still camping out overnight to buy the latest iPad -- the world's most valuable technology company on Monday was down more than $7 (2.2%) in early morning trading.

It would be one thing if the whole market had collapsed. But the Dow was still up nearly 5% for the year.

Meanwhile, Apple, a mega cap growing at a rate of 70% to 80% a year --  a company with enough cash on hand to ensure supplies even after a tsunami has wiped out its competitors' --dipped briefly into negative territory for the year.

Go figure.

UPDATE: The stock recovered to close at 331.85, up $4.39 (1.3%) for the day and back in positive territory for the year.]

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[Follow Philip Elmer-DeWitt on Twitter @philiped]

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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