Why Did Apple Shares Plunge?

By Bob Pisani | CNBC – Sat, Nov 3, 2012 6:15 AM SGT

Companies:

RELATED QUOTES

SymbolPriceChange
AAPL445.153.01

What's up with Apple? I've received several queries on why AAPL shares (AAPL) collapsed shortly after 1pm ET. As the stock hit $588 or so, volume picked up, and it dropped over the next hour to as low at $580.

I doubt it has anything to do with the iPad mini going on sale today. (Read more: Apple Rolls Out iPad Mini to Shorter Lines)

Here's the answer:

AAPL breached its 200-day moving average ($588) for the first time since November of last year.

By the way: AAPL is not far from a 20 percent drop from its historic high ($705.07) on September 12...that would be $564 or so.

-By CNBC's Bob Pisani

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