Apple hit a 52-week low on Wall Street yesterday, closing down 3.02 per cent at $14.47 – with company CEO Steve Jobs lashing out at corporate America's recent catalogue of shame.
The company's fortunes improved slightly on the extended trading market – the company regained 45 cents to close at $14.92.
Commenting on WorldCom, Apple CEO Steve Jobs said the recent wave of corporate scandals has made him “for the first time embarrassed to call myself a businessman”.
In the wake of the corporate scandal, Apple has taken its business away from WorldCom, moving to competing telephony provider, AT&T, according to DowJones Business News.
The Wall Street Journal reports that Jobs still believes stock options – pioneered by Apple in Silicon Valley in the 1980s – are valuable to both companies and employees.
Key IT stocks also fell yesterday. Adobe lost 2.65 per cent to close at $23.90, Microsoft lost 7.13 per cent – closing at $43.01 – and Macromedia closed down 2.82 per cent at $7.231.
The Nasdaq tech index lost 4.18 per cent yesterday, closing at 1,229.05.
The action takes place as markets worldwide continue to falter, while investor's corporate trust wanes in the wake of several high-profile accountancy irregularities, most recently the WorldCom affair.