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: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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