PLAY received a good old-fashioned beating on Thursday, trading down over 41% to finish the session at $13.13, after it was announced that AAPL won’t be using PLAY’s newest chip in its midrange and high-end flash memory Ipods. This news is obviously a big blow to PLAY, and investors took out their frustrations on the stock, sending it down to a new 52 week low. Volume was very high, with over 25 million shares changing hands, compared to a normal daily average of just over 1.6 million shares traded. This news led to a spate of downgrades, with Credit Suisse, JMP Securities and Friedman Billings all downgrading the stock. As of Thursday’s close, PLAY had a market cap of just over $320 million dollars.
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