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Apple (AAPL) And Google (GOOG) Both Break Under 52-Week Lows

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By Douglas A. McIntyre Updated Published
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Applelogo1In a sign that the entire market has gone under the sword, Apple (AAPL), Google (GOOG), and RIM (RIMM) have all breached their 52-week lows.

Apple dropped to $109, down from a 52-week high of $202.96.

Google hit $401.13, down from its 52-week high of $747. 24.

RIM (RIMM) broke down to $65.87 against a 52-week high of $148.13.

The significance of the lows cannot be overstated. It is a clear sign that the market is convinced that its fastest-growing sectors, Internet and high-end consumer electronics, are going to be pulled beneath the waves of a global recession.

Google’s growth rate this year was supposed to be 35%. The market is signaling that it could be closer to 25%. Apple and RIM were viewed as moving into record sales territory in the upcoming holiday season. If consumer spending plummets, they may not match next year’s figures.

The market’s collapse has now moved to the heroes of the bull run-up.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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