Apple Shares Rolling Downhill

Fearing recession, consumers rein in discretionary spending, and fewer iPods, iPhones, and Macs may be sold. Will Apple find its footing?

It was Jan. 23, and Apple shareholders were dismayed with the company's forecast for the current quarter. Apple (AAPL) stock was having its biggest-ever one-day decline in dollar terms and Chief Executive Steve Jobs felt a need to reassure the troops. "Hang in there," Jobs wrote in an e-mail to employees. "Our stock is being buffeted around by factors a lot larger than ourselves."

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