Why Apple Stock Flopped on Monday
In a generally gloomy environment for tech stocks, Apple (NASDAQ: AAPL) on Monday suffered its latest price drop. The company's shares lost 1.6% of their value, eclipsing the 0.9% slide of the S&P 500 on the day, due to that anti-tech sentiment, plus the latest legal hit over the way it manages its mobile software marketplace.
In advance of major legislative changes in the European Union (EU), a French court slapped Apple with a fine of just over 1 million euros ($1.06 million) over the company's App Store. The Paris Commercial Court found that the U.S. tech giant imposed clauses on French app developers that effectively constituted abuse under that country's law.
The court only levied a fine; it did not mandate that any remedies be taken by Apple. It noted that upcoming modifications to the EU's Digital Markets Act would basically force compliance from the company.
Source Fool.com
