Shares of former tech darling Apple tumbled 11% on Thursday in their largest selloff since the 2008 financial crisis as Wall Street worries the iPhone maker’s incredible growth pace may be over.
The steep tumble leaves Apple at fresh 11-month lows and knocked the consumer-electronics giant off its perch as the world’s most valuable company by market capitalization, allowing ExxonMobil to retake the top spot.
The bad day for Apple comes after the company disappointed shareholders on Wednesday evening with gaudy quarterly results that failed to meet Wall Street’s lofty expectations.
Let’s review. Rapacious sociopaths who fleeced the entire world and who need more drugs than the Federal Reserve has handed to them for free remain unsatisfied so they do a pump and dump of a tech company that has a high-profile and is very successful. Yet they will defend themselves against accusations by citing “irrational exuberance” on the part of their “clients.”