Down over 12% at close....
Apple rocked by cuts, trips circuit breaker
Analysts slash price targets, estimates following lackluster results
By Dan Gallagher and William L. Watts, MarketWatch
SAN FRANCISCO (MarketWatch) — Shares of Apple Inc. slid nearly 12% late Thursday afternoon, having tripped a Nasdaq circuit breaker earlier as analysts rushed to cut their price targets for the once-favored company, following a lackluster earnings report.
In the final 30 minutes of trades, Apple AAPL -0.10% was at $452.25 — down more than $61 from the previous close and about 35% below its all-time high just above $700 on the day of the iPhone 5 launch in September. Thursday was the largest dollar drop in the stock’s history, and the largest percent drop since May of 2010. The stock is now at its lowest level since February of last year.