“Apple shares are down significantly for the second day Tuesday – bringing investors’ paper losses to staggering levels and putting the stock further into correction territory,” Matt Krantz reports for USA Today.
“Shares of Apple are off $3.22, or 2.7%, to $115.23 in afternoon trading Tuesday – meaning they’ve fallen more than 14% since hitting their high of $134.54 on April 28,” Krantz reports. “Given the massive size of Apple’s market value – this sell off is enormous in that it has wiped out $113 billion in paper wealth. The sell off essentially erases more than the entire market value of corporate giants including Nike at $98 billion or McDonald’s at $95 million, separately.”
“While the stock has collapsed below its average price the past 200 days, that’s not necessarily a bad thing, Bespoke says. Apple shares have cratered below the 200-day moving average 17 times before. Over history, the stock has typically shaken off the stupor in about a month, Bespoke says,” Krantz reports. “But even Bespoke is cautious. ‘By itself, that (stock’s history of bouncing back after falling below the 200-day moving average) is probably not the best reason to go out and buy the stock,’ according to a Bespoke report.”
Read more in the full article here.
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