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Apple's Stock Mysteriously Drops Sharply

Tuesday, 14 May 2013 | 3:35 PM ET
What Happened? Mini Flash-Crash in Apple Stock
Tuesday, 14 May 2013 | 2:35 PM ET
Apple analyst Will Power of R.W. Baird offers insight on Apple's drop mid afternoon, and the hit to Nokia shares.

Apple shares sold off sharply on Tuesday in afternoon trading on no apparent news.

The stock fell about 2.5 percent on heavy volume to around $443 in afternoon trading while the Dow and the Nasdaq remained positive.

(Read More: S&P, Dow at Record Highs; Apple Tumbles 2.5% )

While there is no evidence as to what caused the decline, there was a report published on MarketWatch Tuesday morning that quoted an David Trainer, president of New Constructs, a Nashville-based research firm, as saying that Apple shares are worth $240.

Apple is expected to release a line of new products, including its next generation iPhone and iPad, this Fall. However, the company is widely believed to also be unveiling a product in an entirely new category at the end of the year which many speculate is a smart TV.

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