Apple (AAPL) Shares Close Down 12 Percent on Slowdown Worries

Apple stock (Nasdaq: AAPL) took a hit the day after its first-quarter earnings were released, closing down more than 12 percent on Thursday. Investors were worried that growth is slowing at Apple, the world's most valuable company. Shares of Apple dropped $63.51, or 12.35 percent, to $450.40 at the close of New York trading Thursday. The tech-heavy Nasdaq index, on which Apple trades, also closed down 0.74 percent to 3,130. On Wednesday after the market closed, the company reported that it sold 47.8 million iPhones in the quarter, compared with 37 million in the same quarter a year ago. Many investors had hoped that the company would sell 50 million iPhones, which drives Apple's earnings. "No technology company has ever reported these kinds of results," Tim Cook, CEO of Apple, said on the earnings call on Wednesday. Investors eagerly awaited Apple Inc., based in Cupertino, Calif., to report its earnings, seeking clarity after a number of rumors about iPhone parts and sales. Earlier this week there were reports about the next iPhone being released in June.