Investors lopped $15 billion off Apple Inc.'s market value Wednesday, punishing the company for a disappointing earnings outlook even as many technology stocks staged a comeback.Fears about weakening consumer spending in the U.S. and a slowdown in iPod sales growth helped fuel a sell-off in Apple shares, which fell $16.57, or nearly 11 percent, to close at $139.07.
The stock had fallen nearly 20 percent in early trading but regained some ground during the day.
"The stock valuation probably got a little bit out of hand, so you're seeing a reset in terms of the stock price and expectations," said Shaw Wu, an analyst with American Technology Research. "But the big concern is with the iPod business."
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