“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.
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Very good! To all those Wall Street Anal lyts a**holes, keep on degrading AAPL quarterly after quarterly earnings. With AAPL effects on the DOW, Wall Street will have a harder time looking for new investors abroad, ha ha the Dow stinks.
Yup. It’s everybody’s fault but Apple. Right? Sure.
Yea! Damn Apple and their record quarterly revenue and profits… 😒
Come on… These so-called “financial” journalists are seriously short-sighted. All they seem to care about is writing today’s deadline story, without any integrity or consideration of history. One year ago, AAPL was about $95. Even at the “lowest price since January,” AAPL is currently more than 20% higher. And one year earlier, AAPL was about $65.
One year from now, they’ll probably be recycling the same sensationalist story, with AAPL in “retreating” to $140.
You again! Jeez!
Well one could just as easily argue that Dow Jones inclusion of Apple in the DJIA has caused Apple to suffer.
We have at least two data points. T has gone up since being removed and AAPL has dropped. Sounds like one doesn’t want to be in the DJIA.
To put things in perspective it might be nice to know how some other peer stocks in the DJIA are doing. As a note, AAPL closing market cap on the first day they were in Dow (3/19) vs Today is 742.6B vs 653.8B. Highest closing market cap in that period 772.7B on (4/27).
Is THIS why the AAPL price manipulation is going on? Because of the stupid old Dow Jones listing? Sheesh. Put me to sleep.
No the market did that to themselves. Nothing has changed at Apple and it’s last record quarter proved that.
Only the stupid Anal-ists push this negativity on the market. Apple has proven time and time again, year after year all the bullshit these anal-ists make up is Wrong! And this time will be no different.