Apple shares down 10 pct from all-time high

Shares of Apple Inc. briefly entered "correction" territory Tuesday as enthusiasm from the launch of the iPhone 5 wanes.

A correction is generally considered a decline of 10 percent or more in a stock market index or a particular company's shares.

Apple shares went as low as $623.55 in morning trading, 12 percent below the all-time high of $705.07 on Sept. 21. The recovered in afternoon trading, up 40 cents from Tuesday's close. At $638.57, they're back to the level of mid-August, before iPhone 5 excitement started to take hold.

Sterne Agee analyst Shaw Wu said the stock retreat appeared to be a typical consolidation after a big run-up. Demand for the iPhone 5 remains strong, and supplies of needed parts are improving. The production bottleneck now lies in assembling the phones, he said.

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- Posted: 2012-10-09 16:18:01

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