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Tough day for Apple shares

Thursday January 24, 2013 1:41 PM By Ted Phillips

Apple Inc. chief executive Tim Cook. Late on

Photo credit: AP

Apple Inc.’s stock plunged by more than 10 percent Thursday on Wednesday night’s earnings report that was below expectations.

At midday the stock had fallen below $460 from a close of $514 on Wednesday. Although Apple reported record sales for the iPhone in its first quarter, Wall Street was looking for more robust growth in the face of increased competition in the smartphone business.

Apple’s...

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