Apple Stock Market Flash Crash on 2-10-2011
Something happened to Apple’s share price Thursday afternoon that has investors still scratching their heads. The stock, which had been sailing along near its all-time high of $360 a share, started to drop at about 1 p.m. Then, at 1:39, it collapsed, falling from $355 to $349 in the space of four minutes. In all, $10 billion got shaved off Apple’s market capitalization before the stock began to recover. What triggered the sell-off that knocked $10 billion off the company’s market cap?
“The selling is not normal just for negative news,” wrote Bullish Cross’ Andy Zaky in an e-mail. “There was a huge spike where dollars were being skipped in the selling. I saw Apple tick from $351.70 to $349.00 within seconds. There’s something else. The selling was not normal. That’s for sure. It wasn’t orderly. Take a look for yourself.”
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