Apple’s iPad gets cold Wall Street reception
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Could Apple be the victim of overhype?
The stock market resumed its slide Friday amid disappointing forecasts from technology companies. Apple tumbled 3.6% to $192.06, down 11% from its record high and the lowest since mid-December.
The decline registered investors’ disappointment with the highly anticipated iPad, which Apple unveiled this week. The consensus seems to be that Apple did not deliver the game-changing device that everyone thought it would.
The reaction was not immediate. Apple’s stock soared after the initial unveiling Wednesday, before getting clipped with the rest of the market Thursday morning.
Excessive expectations for an unproven device in a fragile economy? Doubts that Apple CEO Steve Jobs will deliver the way he has so many times before with the Macintosh machines, iTunes, the iPod and the iPhone?
What the market giveth, the market can take away.
-- Jessica Guynn