Competition Leads to the Fall of Apple Shares
Apple shares have gone down with competition increasing from Sony relaunching its Walkman line as well as more pressure from Napster.
The company’s shares have fallen 8.5% since the stock split announcement on Feb. 11. In the past year, shares reached their highest ever.
“Competition concerns are certainly going to influence how this stock trades,” said Warren West of GreenTree Brokerage Services. “Investors in general have enjoyed the stock moves, there’s a lot of money that has been made, and people are going to start taking profits especially after the split.”
An article at ABC News says:
Sony hopes to regain some of its luster in an iPod-dominated market by expanding its Walkman line of digital music players. The new line will store files using flash memory, which is more lightweight and compact compared to the hard drive used by most MP3 players, including the traditional iPod.
The Sony players will retail for as low as $130 a bit more expensive than the new iPod Shuffle, but considered to be a better buy because of a longer battery life and more features. The new offerings aren’t expected to dethrone Apple which holds 60 percent of the portable music player market but could give the Japanese electronics giant the No. 2 position by next year.
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