Tech Industry

Apple shares dip below $600, then bounce back

Concerns about Apple's threatened profit margins appear to be weighing on the stock, despite the company's upbeat talk in its conference call.

CNET/James Martin

Apple shares, which just a month ago hit a record high of $702, today dipped briefly below $600.

The stock, which opened at $609.43, started falling about an hour later, eventually dropping to a low of $591 shortly after 9 a.m. PT. The shares subsequently rallied and crossed back above the $600 line a little over an hour later.

Apple reported mixed earnings yesterday, beating expectations for revenue but falling short on profits. Sales of iPhones came in slightly above Wall Street estimates, although iPad sales disappointed.

The company also issued muted expectations for the current quarter, saying a slew of completely revamped products -- everything from the iPad Mini and iPhone 5 to new iMacs -- will depress profit margins.

Google Finance; Screenshot by David Hamilton/CNET