The global stock market has been considerably volatile for several months now following a short-lived recovery after the Great Recession. Tech stocks have been no exception to the rule: even staples of stability have put their wary investors on gut-wrenching roller coaster rides. Today marked a notable high and a notable low.
Apple’s share price climbed to an all-time high of nearly $428, a new peak after rising beyond $400 in October before dropping back down into the $360s. It has since eased back into the low $420s but remains up on the day. This, despite numerous sessions at CES hyping up this idea of ultrabooks—in essence, the rest of the industry’s response to Macbook Airs. That’s because there is strong anticipation of a big year: one, if not two, new iPads; a new iPhone; and possibly even a dividend, plus likely upgrades to the Macbook and iMac lineups.
Meanwhile, Zynga’s share sunk to a new low of just above $8. After debuting on the market for $10 , Zynga failed to experience the typical first-day gains. It has since dropped steadily as investors question its reliance on Facebook and its long-term profitability. Several analysts said well before Zynga went public that it was only worth $6 to $8 per share.
In the middle, Groupon is still floundering slightly below its debut price. Andrew Mason’s company shorted by most investors but obviously finding some faithful risk takers to keep it afloat despite virtually all media acting as a collective harbinger of its doom.