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Investors have slashed the value of Apple by 15% as the Companies shares tumbled to their lowest levels in more than a year. In Australia a research study of 10 CE distributors reveals that sales have declined by up to 26% during the past 30 days.
Investors have slashed the value of Apple by 15% as the Companies shares tumbled to their lowest levels in more than a year. In Australia a research study of 10 CE distributors reveals that sales have declined by up to 26% during the past 30 days.
The Australian share market has fallen more than 5 per cent this morning, following the biggest ever single-day point decline on Wall St overnight.
At 10.17am (AEST), the S&P/ASX200 had lost 257.5 points to 4549.9. The broader All Ords had lost 260.4 points to 4578.8.
he move comes as analysts start tipping a downturn in consumer technology spending.
Teflon coated Apple is facing stiffer competition in the iPhone market as major phone Companies like Nokia and Samsung get ready to roll out new competitors. Also set to be launched are new phones running the Google Android operating system.
The Wall Street Journal reports that a recent RBC Capital Markets survey reveals that 40% of consumers plan to spend less on electronics in the next 90 days, the weakest outlook the survey has ever seen. In its report, Morgan Stanley cited recent negative data such as a string of Macintosh computer and iPhone order cuts and signs of pricing pressure heading into the holiday season. Macintosh computer sales represent 50% of Apple’s per-share earnings, according to Morgan Stanley.
When the company gave its latest outlook in July, analysts were left wondering about continued Mac momentum, and whether the company’s fast-selling new iPhone will be sufficient to counter a slowdown.
In Australia a resent research study by ChannelNews of 10 consumer electronics distributors revealed that during the past 30 days business has declined between 12 and 26%. However big ticket Hi Fi and home theatre items are still selling. Earlier this month Audio Connections sold two $200,000 home theatre projectors.
In late trading on Wall Street Apple was not the only victim of the fresh fear that even the world’s strongest brands are vulnerable. Google was in the process of shedding around 8 percent of its value, with shares dropping below $400 for the first time in two years. Already deep in the red, technology stocks fell further in late afternoon trading on Wall Street after the financial bailout package failed to pass at the U.S. House of Representatives.
