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Apple's shares hit 52 week low, Google's hit an all-time high

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Apple's shares hit 52 week low, Google's hit an all-time high
Like two ships passing in the dark, the literal fortunes of Apple and Google are moving in opposite directions. For example, Apple's shares have hit a 52 week low on Monday at $423, a far cry from the all-time high of $705 hit on September 21st, the day that the Apple iPhone 5 was launched. The main issue affecting Apple's shares on Monday is the decision reached late Friday by Judge Lucy Koh to cut the damages awarded to the company by the jury in relation to the epic Apple-Samsung patent trial last year. The judge sliced the award by $450 million leaving the Cupertino based manufacturer with an award of $598 million. Judge Koh ordered a second trial to determine the damages that Apple will receive instead of the $450 million that she vacated.

Apple's shares hit a new 52-week low of $421.32 this morning, a 40% decline from the September 21st high. Besides the jury verdict, the shares have been battered over the last few months as Apple had to deal with problems related to Apple Maps, and rumors of a decline in the popularity of the device that accounts for most of the company's revenues, the Apple iPhone. But by far, the biggest factor affecting the stock has been the feeling that Apple is no longer an innovative company. That might change, if the tech titan delivers a smartwatch, as speculated. The Apple iWatch could be launched before the end of the year.

Apple's rival, Google, is moving in the opposite direction. Google's stock hit a new all-time high on Monday at $816.18. The popularity of Android is helping to drive the stock. Although Google doesn't make a dime on the software, the more Android phones that are activated, the more mobile ad revenue comes into the coffers of the Mountain View company. Also helping Google soar and Apple flop is a report released Monday with an estimate that 58% of all app downloads in 2013 will be on the Android platform, while only 33% of such downloads will be over the iOS platform.

source: Investor'sBusinessDaily


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