Rare Earnings Miss Triggers 5% Selloff in Apple

Shares of Apple (AAPL: 572.64, -28.28, -4.71%) retreated about 5% Wednesday as Wall Street frets about a rare double miss on earnings and revenue from the world's most valuable company. Apple's weaker-than-expected results prompted a few analysts to slightly lower their price targets on the iPhone maker's shares, but the vast majority remains largely bullish on Apple. Still, Apple lost about $24 billion in market capitalization Wednesday morning -- roughly the equivalent of PC maker Dell's (DELL: 11.46, -0.10, -0.91%) entire market value. The stock was recently off 4.76% at $572.80 on heavy volume of more than 15 million shares. Continue reading this story

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