Cupertino, California, October 15: Apple Inc on Tuesday cut the price on its entry-level notebook computer to $999 and introduced a line of aluminum-clad machines starting at $1,299 in moves catering to budget-minded buyers at a time when recession fears loom over the global economy. But shares of Apple, which have risen about 20 per cent since the company last week invited reporters to a notebook event, fell 3 per cent in heavy trade on the Nasdaq to $106.99 after first falling as much as 5 per cent. Many analysts had expected the entry-level notebook price to fall to $899.
"Bad for the stock today, good for the stock over the next couple of months," said Piper Jaffray analyst Gene Munster, who said that the new machines looked good even if the new entry-level price was not as low as Wall Street had hoped.
Chief Executive Steve Jobs, looking thin but active, put the focus on the new line of MacBooks, although he took a few moments at the end to joke about his health.
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