Apple shares plummet

SHARES IN CLUB CUPERTINO have plummeted to a 52-week low after analysts started warning that the company would be hammered by slowing consumer spending.

Morgan Stanley analyst Kathryn Huberty said that the shares in Apple were far too pricy given that the company was slowing down.

RBC Capital Markets analyst Mike Abramsky noted that the bank's surveys of consumers indicated a big drop in the number intending to buy a Macintosh computer.

To make matters worse for Apple the US Stock Market also crashed after the House of Representatives refused to back a plan to bail out the financial sector.

Apple stock fell $20.74, or 16 percent, to $107.50 in afternoon trading. Earlier in the day, the shares touched $100.59, the lowest level since early 2007.

While Iphones were expected to sell well, Apple Mac sales are expected to slow.

Last year Apple's stock more than doubled in value and was worth $200. At the time analysts said that price was daft and the smart money will have left the company already. µ

L'Inq
AP