“Energy stocks have led the market lower in the past week, but Apple Inc. — the largest stock by market cap — isn’t offering any support,” Victor Reklaitis reports for MarketWatch. “It’s down more than 10% from a November peak, putting the stock in what’s often called correction territory. Is Apple mostly a victim of the market selloff? Or is the iPhone maker helping to lead the way lower?”
“While the S&P 500 has dropped 4.2% from its record close on Dec. 29, Apple has fallen 6.7% over the same five-session period,” Reklaitis reports. “Apple has sunk 10.7% from its Nov. 26 record close, touching levels last seen in late October. Many market watchers describe a drop of more than 10% as a correction, and Apple earned that bearish label with a slide on Monday, then added to its losses Tuesday before rebounding.”
Reklaitis reports, “Even with its recent slump, Apple is still up 36% over the past 12 months, outperforming the S&P 500, and it’s likely to remain the stock that retail investors hold and trade the most.”
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Apple to report Q115 earnings on January 27th – January 5, 2015