The iPhone maker had recently reached a $600 billion market cap for the first time. Apple shares today slipped $21.38, or 3.5%, to $583.85 during Monday trading as the Nasdaq fell 0.7%.
"We believe this could be a simple 'collapsing' on its own weight given the year-to-date move [in the stock]," said Brian Marshall, an analyst at ISI Group, in a note released on Monday. "We are not hearing anything new or incremental for the weakness in Apple stock."
Apple shares have climbed more than 44% this year, easily outpacing the Nasdaq's gain of 14.89% and the S&P 500's increase of 9.1%.Shares of rival Nokia (NOK), however, rallied Monday, gaining 12 cents, or 2.9%, to reach $4.14. The Finnish handset maker's stock declined before the market open after Moody's downgraded the company's long-term credit rating. IBM (IBM), which reports its fiscal first-quarter results after the market close Tuesday, was up $1.54, or 0.8%, to $204.34. In a research note released early on Monday, Credit Suisse (CS) predicted a solid quarter from the tech giant, and raised its IBM price target from $175 to $200. Chip giant Intel (INTC) was also one of the tech sector's winners, gaining 35 cents, or 1.25%, to reach $28.44. Intel also reports its first-quarter numbers after market close Tuesday. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV