Apple way down in after-hours trading.

[mahatmakanejeeves]

When it closed at 4:00 p.m. it was up over $4. And then earnings came out:

Apple Inc. (AAPL)

550.50 Up 4.43(0.81%) 4:00PM EST

After Hours : 516.48 Down 34.02 (6.18%) 4:35PM EST - Nasdaq Real Time Price

Apple posts earnings that top expectations; shares tumble

Wait: earnings top expectations, and shares tumble? I'm sure there's a reason....

[elleng]

1. 'Weird' markets today,

upish/downish/upish/downish.

Was afraid it would be much worse, given international scene this weekend.

[mahatmakanejeeves]

2. Tuesday was no better.

Apple’s Drop, By the Numbers

By Steven Russolillo

(This post has been updated throughout with closing figures.)

Apple Inc.'s stock slide following its quarterly results is ugly no matter how you slice it. ... Shares dropped 8% Tuesday, the worst one-day performance in a year, after Apple reported disappointing iPhone sales and offered a cautious revenue outlook for the current quarter.

Apple’s decline is one of only eight drops of at least 8% over the past 10 years, according to WSJ Markets Data Group. Apple’s $44 drop is the second-biggest dollar drop at least since 1984.

Putting the decline into context, Apple’s lopped $39.2 billion off the company’s market capitalization, bringing it down to $452 billion, according to FactSet. By comparison, Apple’s one-day drop in market cap is larger than more than half of the components in the S&P 500, and a little less than the total value of shipping giant FedEx Corp.

The last time Apple shares dropped more in a single day came on Jan. 24, 2013, which coincidentally came after the company released quarterly earnings. Shares fell 12% that day after the tech behemoth reported flat profit growth during the 2012 holidays and issued conservative guidance.