Connect to share and comment

Apple shares plunge 12 percent, again

On the 28th birthday of the Mac, no one at Apple was celebrating.

Iphone 5 germany 5Enlarge
MUNICH - Customers queue to enter the Apple Store where a giant logo is displayed in the southern German city of Munich on September 21, 2012 as the iPhone 5 goes on sale. (CHRISTOF STACHE/AFP/Getty Images)

Apple shares plunged 12 percent on Thursday.

On the 28th birthday of the Mac, no one at Apple was celebrating.

More from GlobalPost: Apple misses iPhone forecasts, stock drops over 10 percent

It is the second day in a row Apple stock has fallen over 10 percent.

The news comes after Apple reported disappointing quarterly earnings and revenue projections on Wednesday and missed analysts' forecasts for iPhone sales, USA Today reported.

"Things have changed," Kim Caughey Forrest of Fort Pitt Capital Group told USA Today. "This was a momentum stock." 

Shares fell $63.51, or 12 percent to $450.50, a 36 percent drop from its September high.

At Bloomberg Businessweek, even if the company's hyper growth is over, the company still has value.

“At some point in a growth company’s life, it’s going to become a value stock. Issuing a dividend, which Apple started in October, is not an admission of defeat," Businessweek's Sam Grobart said. "It’s a way to return some of your earnings to shareholders, which is at the core of why people invest in a company to begin with.”

http://www.globalpost.com/dispatch/news/business/130124/apple-shares-plunge-12-percent-again