Apple’s stock slipped below $500 for the first time in 11 months on Monday as investors reacted to reports signaling the company’s latest iPhone is falling further behind a slew of sleek alternatives running Google’s Android software.
Internet radio company Pandora Media Inc. said Tuesday that its third-quarter net profit more than tripled to $2 million as revenue rose slightly faster than costs. But it predicted a loss in the fourth quarter, a bad surprise for investors who sent shares tumbling.
Facebook’s stock price fell Wednesday, the day employees were eligible to start selling restricted stock in the company.
Facebook shares are posting their biggest single-day gain since going public, jumping 21 percent after the social media company made inroads in mobile advertising and posted accelerating growth in overall ad revenue.
Facebook is reporting a loss for its third quarter, though revenue rose by nearly a third. The results exceeded Wall Street’s expectations.
Apple’s stock has reached $700 for the first time, setting a record for the company the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.
In an SEC filing late Tuesday, Facebook said that founder and CEO Mark Zuckerberg “has no intention to conduct any sale transactions… for at least 12 months.”
Apple’s $1 billion court win against Samsung is translating into a much bigger jump in its market value. Apple shares were up $11.98, or 1.8 percent, at $675.26 in morning trading Monday.
Facebook’s stock fell to $19 for the first time on Friday, meaning it has lost half its market value since the company’s initial public offering in May.
Apple’s stock has hit a new high after a four-month swoon, as investors were looking ahead to the release of a new iPhone model, and possibly a smaller iPad.