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Sony player takes bite out of Apple |
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Following Sony's new flash memory-based music players introduction, shares of Apple Computer dropped 5.2% Tuesday on worries that Sony's new flash memory-based music players could take a bite out of Apple's iPod empire. Sony announced new low-cost music players today in its Walkman product line that are designed to compete with Apple's iPod shuffle.
Shares in AAPL closed at 40.53, a loss of 2.22 (-5.19%), on heavy volume of 36.1 million shares trading hands.
Shares in Sony closed higher at 41.02, up by 1.71 (+4.35%), on volume of 7.8 million shares.
The new Sony flash memory-based music players includes support for the MP3 format for the first time. Industry watchers have seen this as critical for Sony to be able to gain significant traction in the market because of the dominance of MP3 in the digital music sphere reports macobserver.com.
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