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Apple Shares Hit Low

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    NEWSLETTERS

    Apple shares dropped to a level not seen since the death of founder and former chief Steve Jobs.

    Shares dropped $10.75 Thursday and closed at $392.05, only about 4 percent from the price of stock the day Jobs died, according to USA Today. That's a 44 percent drop from Apple's high of $702.10 on Sept. 19, 2012. This means that $291 billion has just disappeared into the Wall Street ether.

    Analysts say that the reason for the drop is based on Jobs's death because he was the company's visionary. Now, Apple is "becoming just another stock," Frank Longman, an analyst at Brean Capital, told USA Today. "The phenomenon is unwinding."

    Virginia Tech professor of finance Ugur Lel agreed. "It's not just a short-term reaction, but a (cause) of long-term declines in stock prices," he said.