Apple stock falls on exec shakeup, iPad mini reviews |
| CNNMoney - Oct 31, 2012 |
Shares of Apple slipped below $600 on Wednesday, on the first trading day following a major executive shakeup.
Apple (AAPL, Fortune 500) made the surprising management announcement late Monday, revealing that two top executives had been pushed out the door. Scott Forstall, the man responsible for the iOS software running iPhones and iPads, was one of the late Steve Jobs' top lieutenants, but his sharp elbows and recent mis-steps -- including Apple's heavily criticized Maps -- alienated others at Apple. The less surprising exit: Embattled retail chief John Browett is leaving after just nine months on the job.
Wednesday was the first chance investors had to react to the news, because U.S. stock exchanges were shuttered on Monday and Tuesday due to Hurricane (later Superstorm) Sandy.
Apple shares were down more than 2% in early trading Wednesday at about $591, but by midday they clawed back a bit to $595. About 11.6 million Apple shares had changed hands as of 1:15 p.m. ET.
Read Full Article from CNNMoney
- Posted: 2012-10-31 13:22:45
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