“Apple Inc.’s near 4% drop wiped out $17 billion from the U.S. stock market on Monday, pushing two of the three benchmark indexes into negative territory,” Kate Gibson reports for MarketWatch.
“Apple shares fell $18.55, or 3.6%, to end at $501.75 after the Wall Street Journal and Japan’s Nikkei reported that the company had cut iPhone production plans because sales had come in below expectations,” Gibson reports. “The Nasdaq Composite lost 8.13 points, or 0.3%, to 3,117.50. Apple has a significant impact on the major stock indexes. It has a 3.8% weight in the S&P 500 and a 10% weight in the Nasdaq Composite, and is the largest stock on both. It’s not a member of the Dow average.”
Read more in the full article here.
MacDailyNews Take: The things that bothers us most about Apple’s decline today is that, obviously, there are so many low information AAPL investors out there.
Don’t invest in that which you do not even remotely understand.
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