There is still no indication how bad things will get for Apple (NASDAQ:AAPL) before they start getting better. The selling pressure that has refused to leave the stock’s side over the last few months was still going strong on Friday, and it pushed the company to a new notable low.
In mid-morning trading, Apple briefly touched $431.89 — the stock’s lowest point since January 24, 2012, when it closed at $420.50 in anticipation of the company’s fiscal first-quarter earnings report, according to CNN Money. That low point in 2012 was short-lived. With Apple reporting record sales of 37 million iPhones, the stock zoomed $37.50 higher in after-hours trading.
There were no signs of a surge back up on Friday, with the stock reportedly dipping as anticipation for the launch of rival Samsung’s (SSNLF.PK) Galaxy S4 smartphone continues to grow. The growing threat from the company’s many rivals has been putting pressure on Apple’s stock for months now.
Apple shares have dropped more than 19 percent over the past 52 weeks, while the S&P 500 index has gained 10.9 percent in the same period. The stock has fallen more than 37 percent since closing at a record high of $702.10 in September as of the close of trading on Thursday. Worries that sales of the company’s bestseller, the iPhone, are falling, as well as concerns about possibly dropping gross margins, have taken a toll.
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