Apple stock drops as iPad Mini event wraps up

Apple stock drops as iPad Mini event wraps up

Credit: Getty Images

SAN FRANCISCO, CA - JANUARY 24: A pedestrian walks by an Apple Store on January 24, 2012 in San Francisco, California. Apple will report first quarter earnings today after the closing bell. (Photo by Justin Sullivan/Getty Images)

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KMOV.com

Posted on October 24, 2012 at 9:36 AM

NEW YORK (AP) -- Apple's stock is dropping Tuesday as the company wraps up an event unveiling new and updated products, including a smaller iPad. The Mini's price starts at $329, higher than what most analysts had expected.

   The price of the iPad Mini, whose screen is roughly two-thirds of the full-size model, is higher than competing small tablets. The Kindle Fire made by Amazon.com Inc. starts at $159.

   Apple Inc.'s shares are down 1.8 percent to $622.34 in afternoon trading. The stock is down 12 percent from the all-time high of $705.07 touched on Sept. 21.

   Amazon's stock, meanwhile, is up less than 1 percent to $235.27. Shares of Google Inc., another tablet competitor, also inch up less than 1 percent, to $682.92.
 

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