Shares of Apple (Nasdaq: AAPL), the world's most valuable technology company, have now fallen more than 10 percent from their all-time high of $705.07 set on Sept. 21, when iPhone 5 went on sale.
In early Tuesday trading, shares of the Cupertino, Calif., electronics developer fell as low as $628, before recovering slightly to $629..09, down $9.08.
The nearly 11 percent decline from the peak indicates Apple stock has entered a “correction,” from its high. Shares had risen dramatically all year and are still up 56 percent in 2012 and 70 percent for the past 52 weeks.
The fall still keeps Apple as the most valuable U.S. company, with a market capitalization of $588 billion – down from highs above $650 billion – compared with No. 2 Exxon Mobil’s $430 billion.
To contact the editor, e-mail: