Apple shares fall more than 3.6 percent

One of the hottest tech stocks only a couple of months ago, Apple has turned ice cold -- despite new endorsements today.

Charles Cooper Former Executive Editor / News
Charles Cooper was an executive editor at CNET News. He has covered technology and business for more than 25 years, working at CBSNews.com, the Associated Press, Computer & Software News, Computer Shopper, PC Week, and ZDNet.
Charles Cooper
James Martin/CNET
If this keeps up much longer, Apple may want to think about changing its corporate logo to a falling knife.

The company's shares, already down approximately 20 percent from their September highs, continued their swoon today by dropping more than 3.6 percent -- and this despite an endorsement earlier in the day from Oppenheimer & Co. analyst Ittai Kidron, who said that the recent sell-off in Apple's stock had been "overdone and should correct." In a research note, he put $620 as "an intermediate target as investors review the good fundamentals in light of the sharp pull-back."

But few investors are thinking long-term these days, not in the aftermath of the presidential election and Wall Street suddenly waking up to the potential for a new recession if Washington fails to reach an accord to prevent the so-called fiscal cliff. Not that any of this has anything to do with Apple's fundamentals. Indeed, technology venture capital Porter Bibb went on CNBC to say he liked what he saw and proclaimed the beginning of a bull market for Apple. That message fell on deaf ears today.