Apple Share Price Down 0.3% to $437.68 After Worldwide Developer’s Conference; Is CEO Tim Cook the Worm?
Is there a growing shareholder revolt against the giant tech companies? Stocks of Apple, Facebook and Samsung are on a downtrend, and company stockholders have been vocal about their displeasure over the loss of value of their shares.
In the case of Apple, stock market observers noticed that each time Chief Executive Officer Tim Cook opens his mouth, the California-based tech giant's stock does down.
After Apple's Worldwide Developers Conference on Monday, share of the company again dipped 0.7 per cent and further declined on Tuesday by another 0.3 per cent to $437.68.
Investors.com listed several more events when the successor of Apple co-founder Steve Jobs opened his mouth and the company's share price dipped.
Among them is on Oct 23, 2012 when Mr Cook introduced the iPad Mini and Apple shares went down 3.3 per cent. On Oct 24, he announced the company's fiscal Q4 results and there was a 0.9 per cent reduction in Apple stocks.
On the Dec 6 airing of Mr Cook's interview with NBC's Rock Center with Brian Williams, Apple stock went down 2.6 per cent, while on Jan 24, 2013, when the CEO tackled Apple's fiscal Q1 result, shares shed 2.4 per cent.
After Mr Cook's address at the Goldman Sachs Technology conference on Feb 12, Apple share value shrank 2.5% and then dropped further on Feb 27 by 1 per cent after he spoke at the annual shareholders' meeting. An address at the analyst conference on April 23 to discuss Q2 results was accompanied by a 0.2 per cent drop in share prices and finally, on May 21, at Mr Cook's testimony before a U.S. Senate subcommittee that probed Apples hoarding of offshore profits, stocks plummeted another 0.7 per cent.
These developments led shareholders to ask if Mr Cook is the worm that is eating Apple's stock prices. Investors.com compared Mr Cook to a spilled table salt or broken mirror, linking his opening his mouth to bad luck.
The Web site's advice to Mr Cook is "Maybe for Apple's next big event, Cook should zip it and stay off stage."
Investorplace.com added that as a publicly traded company, Apple needs to balance growth and profits with the need to be perfect, which was the theme of the company's advertisement shown at Monday's conference.
The investment portal emphasised that Apple has not wowed consumers since the launch of the iPad three years ago and warned that "investors are running out of patience waiting for 'the next something.'"
The site said Apple's slowness is the reason behind the 18 per cent slump in its share prices while competitor Google enjoys a 25 per cent boost in stock value trying everything from the quirky Google Glass to fiber optics Internet access.
Apple followers are hoping the recently announced iOS 7 would be the game changer for the company that is trailing behind its competitors.
http://www.youtube.com/watch?v=rT_OmTMwvZI