Apple 2.0

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Apple fell below $497 in pre-market trading Monday

December 17, 2012: 7:06 AM ET

Hit a low in European and Asian markets not seen since mid February

Screen Shot 2012-12-17 at 6.36.10 AM

377.50 euros = $496.62

FORTUNE -- Of the two dueling Apple (AAPL) headlines Sunday -- 1) the news that Citigroup lowered its price target and downgraded the stock from Buy to Neutral, and 2) the news from Apple, released shortly afterward, that Chinese iPhone 5 sales set a record, topping 2 million in three days -- traders in Europe and Asia seem to have preferred the bad news to the good.

Apple, which closed Friday at $509.79, fell below $497 in pre-market trading for the first time since Feb. 15, 2012.

This assumes that there were humans buying and selling Apple overnight Monday, and not some warring high-frequency trading algorithms.

Below: Apple's current stock chart (delayed 15 minutes), per reader request.

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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

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