Apple Computer's share price was halved yesterday after the firm warned that its fourth-quarter profits would be sharply lower, and dragged down other personal computer stocks. Apple's warning that fourth-quarter results would be as much as 33 per cent below Wall Street forecasts shook computer stock investors already jittery after Intel said last week it would post a revenue shortfall. Wiping out 13 months of gains, Apple dropped $27 to $26.56 1/4 in heavy trade on Nasdaq.

The company was off 64 per cent from its record closing high in March. Apple was by far the most active issue on Nasdaq and was among the biggest losers in percentage terms.