“Apple Inc. was added to the Dow Jones Industrial Average at a bad time,” David Wilson reports for Bloomberg.
“Apple, the world’s largest company by market value, replaced AT&T Inc. after the close of trading on March 18,” Wilson reports. “Apple peaked on April 28, or about six weeks after going into the Dow. Yesterday, the stock dropped to its lowest price since January and retreated below its 200-day moving average, a gauge of price trends, for the first time since September 2013.”
“From Apple’s debut through yesterday, the stock cut the value of the Dow by 67 points, according to figures compiled by Bloomberg. The Cupertino, California-based company accounted for 14 percent of the industrials’ loss during that period,” Wilson reports. “AT&T climbed as much as 7.7 percent on a closing basis after dropping out of the Dow average. The advance stood at 3.2 percent yesterday.”
Read more in the full article here.
MacDailyNews Take: Anyone using the DJIA anachronism as a representation of overall market performance is not interested in accuracy.
Apple stock now officially in correction territory as it crosses below key technical level – August 3, 2015
Nasdaq retreats amid tech selloff after Apple’s record results – July 22, 2015
Apple earnings: Good is never good enough – July 22, 2015
Cowen downgrades Apple on record quarterly earnings results – July 22, 2015
For Apple, more success raises more questions – July 22, 2015
Sorry, haters: Tim Cook confirms Apple Watch sales are much better than you think – July 22, 2015
Here’s how many Apple Watch units Apple sold – July 22, 2015
Drudge screams: ‘APPLE FUTURE QUESTIONED’ – July 21, 2015
Apple poised for $50 billion valuation loss after posting ‘disappointing’ record earnings – July 21, 2015
Apple shares plunge after ‘disappointing’ record third quarter results – July 21, 2015
MacDailyNews presents live notes from Apple’s Q315 Conference Call – July 21, 2015
Apple pulverizes the Street with record third quarter results – July 21, 2015