Wow, investors in Apple stock sure are a wussy bunch all of a sudden.
Monday’s world-shattering news was, literally, no news. That is, there was no word from Cupertino on the number of online pre-orders received over the weekend from U.S. consumers for the newly-announced iPhone 5C.
Also, there was one tidbit of possible news. That is, the Wall Street Journal reported that China Telecom appeared to be offering a smaller subsidy for the iPhone 5S than for the previous model.
Result: Apple stock dropped another 3.07%, to $447.06 at the market close, making it the worst-performing stock of the day on the S&P 500.
That brings the stock’s total losses to about 10% since last week’s announcement of two new phone models, the lower-priced 5C and the 5S. The latter is not available for pre-orders in the U.S. until Friday.