APPLE -- Shares of Apple Inc. plunged to a 52-week low yesterday and flirted with the $100 line after analysts downgraded the stock because they believe that slowing consumer spending will hit its computer business.
The downgrades compounded losses in the general market because of the continuing credit drama. The stock fell $20.74, or 23 percent, to $105.26. Earlier in the day, the shares touched $100.59, the lowest level since early 2007.
Morgan Stanley analyst Kathryn Huberty downgraded Apple to "Equal-weight" from "Overweight." The PC market is feeling the weakness in consumer spending, and Morgan Stanley's analysis indicates that growth will shift to the low end of the market, where Apple doesn't really play, Huberty said.
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