“Apple’s market cap — a measure of the value of a company — is now below $400 billion,” Don Reisinger reports for CNET. “The decline came this morning after Apple’s shares fell 2 percent to land at $422.25. At that share price, Apple’s market cap is now $396.5 billion. The company’s valuation hasn’t been that low since late 2011.”
“Apple’s share price has been on a steady decline over the last several months. In the last six months alone, the company’s stock price has gone down 37.5 percent,” Reisinger reports. “Its 52-week high of $705.07 seems like a distant memory at this point.”
Reisinger reports, “In an interview with CNBC’s Squawk Box this morning, famed investor Warren Buffett said that CEOs ‘can’t run a business to push the stock price up on a daily basis,’ adding that his own company, Berkshire Hathaway, ‘has gone down 50 percent four times in its history… When that happens, if you’ve got money you buy it.'”
Read more in the full article here.
MacDailyNews Note: At $395.75 billion, Apple (AAPL) is no longer the world’s most valuable company. Exxon Mobil, currently worth $400.32 billion, has retaken the crown.
Gundlach: Apple’s 40% plunge has singlehandedly debunked the efficient markets hypothesis – March 4, 2013
Has Tim Cook become a liability at Apple? – March 4, 2013
Apple’s all-time record quarterly earnings disappoint – January 23, 2013
After posting new all-time record revenue, Apple shares collapse in after-hours trading – January 23, 2013
Apple reports record results: $54.5 billion revenue, $13.1 billion profit, $13.81 EPS – January 23, 2013
Bond guru Gundlach slaps $425 price target on Apple Inc. stock – November 9, 2012