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Apple loses $57 billion in market value as its stock plunges

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After halting stock trading yesterday to announce a revenue projection reduction of about $9 billion, Apple stock opened on Thursday at $144. It was around a $14 drop from its already plummeting price when the markets closed on Wednesday.

Now, Apple stock is at its lowest price in about a year and a half. Its current stock price knocks the iPhone-maker down to the fourth most valuable company behind Microsoft, Amazon and Google.

The Cupertino, Calif.-based tech giant’s market value now sits at about $57 billion less than it did before CEO Tim Cook’s letter to investors yesterday. 

Cook’s letter placed the blame for Apple’s lowered projections on a number of factors such as fewer than expected iPhone sales, trade wars with China, and even its own iPhone battery replacement program. Read more...

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