Inside Long Island Business

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Tough day for Apple shares

Apple Inc. chief executive Tim Cook. Late on

Apple Inc. chief executive Tim Cook. Late on Jan. 23, Apple reported disappointing earnings, sending the stock lower Thursday. (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 stock fall may have knocked it off its perch as the New York State pension fund’s biggest U.S. equity investment. When New York State Comptroller Thomas DiNapoli’s office put out its annual list of investments on March 31, 2012, the pension fund held 3,175,014 shares of Apple stock worth $1.9 billion and 16,491,676 shares of Exxon Mobil Corp. stock worth $1.43 billion.

Based on the holdings as of that date, at 1 p.m. Thursday,  those shares of Apple stock would be worth $1.45 billion and the state’s holdings of Exxon Mobil shares would be worth $1.51 billion. (The fund's holdings of those stocks may have shifted somewhat since last year, but the pension fund generally doesn't make large, sudden changes to holdings.)

Although Apple has been hammered Thursday, most of the pension fund’s stocks are in index funds which reflect the ups and downs of the market as a whole. Despite Apple’s fall, the Standard & Poor’s 500 index hit 1,500 on Thursday for the first time since 2007.

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