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Jabil Circuit stock falls more than 20 percent

Shares in Jabil Circuit tumbled more than 20 percent Wednesday after the St. Petersburg electronics manufacturer gave a disappointing earnings report and forecast late Tuesday. Jabil's decline was the biggest of the day among stocks trading on the New York Stock Exchange.

Some analysts speculated the Jabil concerns may have triggered a drop in Apple's stock as well. Jabil makes iPhone products for Apple, whose stock was down almost 2 percent at one point. Apple shares closed at $550.77 apiece, down $4.22 or just under 1 percent.

Jabil reported first-quarter net income of $117.9 million, up from $105.8 million a year earlier, with revenue falling slightly to $4.61 billion.

The company also said it is selling its aftermarket services business for $725 million to a New York company called iQor. The business, which provides technical support and other services to customers, will keep its headquarters in St. Petersburg and become the exclusive aftermarket service provider for Jabil.

Jabil shares closed at $15.67, down $4.05 or 21 percent.

Jabil Circuit stock falls more than 20 percent 12/18/13 [Last modified: Friday, December 20, 2013 11:01pm]
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