APPLE, TECHS WRECKED

Apple Inc.’s stock hit its lowest point in more than a year on Monday amid growing concerns about the willingness of consumers to shell out big bucks for its pricey gadgets in a troubled economy.

Shares in the tech giant plummeted over 17 percent, or $22.34, to $105.90 after Morgan Stanley significantly downgraded its outlook on the company, citing slowing demand and signs of pricing pressure heading into a holiday selling season facing bleak forecasts.

To be sure, Apple wasn’t alone in getting beat up in the market yesterday. Google – the company Apple briefly surpassed earlier this year as the biggest in Silicon Valley in terms of market cap – saw its shares drop below $400 for the first time in two years on concerns that a global slowdown will slam sales growth.

Google, which boasted a whopping high of $742 a year ago, saw its stock fall another 9.5 percent yesterday, or $40.96, to $390.08.

Apple’s troubles started after Morgan Stanley analyst Kathryn Huberty slashed her price target on the company by 35 percent to $115 anticipating that Apple will issue increasingly conservative December-quarter forecasts when it announces earnings in October.

“PC unit growth is decelerating and the remaining source of growth is increasingly in the sub-$1,000 market where Apple does not play,” she said in a note to investors.

Huberty also said that the company is facing exposure to broader market trends.