Apple’s stock (APPL) took an unexpected beating in the market on Wednesday, losing 6.43 percent of its value and shedding some $35 billion in market capitalization after the worst single-day drop in price in almost four years. AAPL lost just over $37 per share on a combination of worries, rumors and unsubstantiated reports. The loss was so dramatic that it accounted for the whole of NASDAQ’s 1.1 percent drop for the day, even while the Dow and other indexes rose slightly. The iPad maker is now hovering just over $508 billion in valuation.
Causes for the dramatic drop including a combination of speculation that increased Android-based competition may hurt iOS device sales. Plus the rumor that China Mobile will ultimately not do a deal for the iPhone, instead going with Windows 8 Phone devices
