Wall Street

Apple shake-up cost investors $12+ billion

Markets finally opened this morning after a two-day period of suspended trading over Hurricane Sandy. Apple on its part has cunningly slipped in news late Monday that it fired iOS chief Scott Forstall and retail boss John Browett over a series of missteps that cost the Cupertino, California-headquartered company both reputation and market position.

Apple's bet was that investors, fans and the general public would have some time to process the news before jumping to conclusions. Many watchers and analysts deemed the move a strategic re-aligning, one that gave Apple's design guru Jony Ive more power, turning him into the steward of the user experience across Apple products. Still, some investors were spooked and sent shares of Apple down to their lowest level since late July...