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AAPL dips below $20, Iomega and Macromedia disappoint

Shares of Apple continued to slide today, closing down 4 percent and below $20 for the first time in a month. Shares had climbed as high as $25 prior to Macworld Expo. Meanwhile, Zip disk maker Iomega today reported a second quarter loss of $35.1 million on revenues of $184.1 million, down sharply from the $303.6 million in revenue the company reported in the year-ago quarter. Iomega is also recommending its shareholders approve a one-for-five reverse stock split; shares of Iomega closed the day at $1.98. Finally, Macromedia posted a net loss of $8.6 million for its first quarter on revenues of $88.7 million. The company cited weak economic conditions for its performance this quarter, noting that it expects to return to profitability this fiscal year, although it expects next quarter’s earnings to be flat to 10 percent down.

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