“Has the ‘Curse of the Dow’ finally caught up with Apple?” Saqib Iqbal Ahmed reports for Reuters. “Shares of the iPhone maker have been in a rut since posting disappointing quarterly results in late June, falling to a six-month low of $113.25 on Tuesday.”
“The recent declines have wiped out nearly $100 billion of Apple’s market value – about as much as fellow Dow components Boeing and McDonald’s are worth in total,” Ahmed reports. “or CEO Tim Cook, it means his stake of more than 111 million shares is now worth about $12.76 billion, compared with nearly $15 billion at the peak in late April.”
“With Tuesday’s declines, the shares have dropped 13 percent over the last 11 trading days. ‘When you get a stock that is over-owned it’s difficult to find that incremental buyer,’ said Art Hogan, chief market strategist at Wunderlich Securities in New York. ‘It’s having its own momentum meltdown,'” Ahmed reports. “Apple options were busy on Tuesday with about 2.13 million contracts traded, its third-most active day this year, as investors anticipate more volatility in the stock.”
Read more in the full article here.
MacDailyNews Take: How looowww can it go?!
SEE ALSO:
Apple enters correction territory: More carnage to come? – August 4, 2015
Analysts: This is the catalyst to push Apple higher – August 4, 2015
Why Apple’s next-gen iPhone 6s/Plus will generate 20% growth – August 4, 2015
Why there won’t be an iPhone 6s/Plus bump – August 4, 2015
Apple stock implosion shreds $113.4 billion and counting – August 4, 2015
About all of those reports that Apple is in dire straits – August 4, 2015
Continued Apple swoon could crush this market – August 4, 2015
Apple replacing AT&T causes Dow Jones Industrial Average to suffer – August 4, 2015
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
“…since posting disappointing quarterly results in late June…”
So I guess anybody can lie about anything, print it and there are no repercussions?
What the hell has happened to this country in the past 50 years?
Published lying is not a novelty…it’s been part of the culture for many decades. Only difference now…disseminated instantly to a much bigger/responsive audience.
Liberalism…
Yeah the financial press is just a bastion of wanton liberalism. Totally. Fox too. And the Tea Party. Commy libtards all. /s
I answered this question-
“What the hell has happened to this country in the past 50 years?”
There was also this in the article-
“Saqib Iqbal Ahmed reports for Reuters”
I’ve never heard Reuters described as ‘Conservative’.
Maybe Liberalism has also affected reading comprehension???
I know it has killed many an attention span.
Sooo profoundly stupid. So the robber barons didn’t lie? Society was so truthful and just in the days of children working seven days a week for 12+ hours a day?
Yes, you got me!
Robber barons/unknown tech reporters.
Same cloth.
It’s pathetic that people don’t even understand reality anymore.
This notion that Apple is “over-owned” is absolutely nuts. Amazon is over-owned, companies with very little profit such as Facebook, and Netflix are over-owned. Apple is under-owned.
You make no sense at all. You don’t even understand what over owned means.
Down big time this morning again. Damn!
“MacDailyNews Take: How looowww can it go?!”.
Only Wall Street or market makers know this answer.
Perhaps, It will go down as low as to the ground and stay there. Smiling.
The curse of the Dow? Disappointing results? What other voodoo crap can we use to explain this. The bones and tea leaves did not fall right?
I agree with Think but expand it to beyond the country to encompass the world. Lies, cheat manipulation. Sad sad sad.
Norman Rockwell….please come back to us.
No one respects the thinking that produced…that watch.
Guy’s talking bullshit.
Makes it sound like its Apple’s fault.
Apple’s correction is a part of an overall market correction. Also “over owned” stock, is also meaningless bullshit. Apple has been reducing available shares. Right now the stock was stacked with crybaby owners who don’t know investments from a fishing pole.
Just sit and wait it out. But maybe, just maybe, someone is manipulating the stock. I say look at who’s making money right now, and give them a good stare.
Who is making money or benefiting?
Well Apple buy back program ! In a big way….
Would you think, Apple could purposefully manipulate it’s own stock, to stretch their buy back power? Is that what you are saying?
There’s that term again, ‘over-owned.’ What the hell does that mean?
The way I take it is too many small investors who trade it in a heart-beat for good (or bad) rather than huge owners that know to sit on it.
Tim Cook has 111 million shares? That would be news to the Apple board; their most recent stock grant for Cook was one million shares. Now, that’s still $114M, but it’s not $12B.
Hey Reuters, is the rest of your article this inaccurate?
I took that 111 million shares as what his total holdings to date are. So that means the recent 1million stock grant you mention is not even 1% of his total..
Stupid ANALyst, WS manipulators a and Leeches. Apple posted a killer quarter and these vampiric scum of the earth are playing the manipulation game to the hilt.
And what are you going to do about it? Nothing, except venting your spleen on an obscure website. Gee, that’ll change the world.
what? getting lower is actually GOOD for Apple. It’s cheaper for them to buy their own stock back. and People’s talk about the “Correction”? what? It’s been like this for the past two years. They keep going off the trigger for little numbers but each quarter they show Great Results. Any other company and they would be flying out the roof. No one’s talking about samsung and their 40+% decline in phone sales, that should pile drive the stock down. and Apple Should buy Sharp.
The sooner Tim “Apple Ballmer” Cook is fired the better off Apple will be, especially if Ive leaves with him.
So much ruckus. Fact is most of this stock we are talking about is something Apple sold years ago. I’m sure some Apple employees are concerned about the value of their shares but the company? Historically Apple has functioned without debt. As long as a company doesn’t borrow money against the value of the stock held by the company that “market cap” number is just fluff almost as useless as wind chill. Apple’s stock is currently so far beyond the modeling the experts are accustomed to applying. It is like applying crowd sourced data to an individual. It is just not how statistics works. Most of us have never seen a stock that has grown as big as Apple. Microsoft had a 2 year period during the dot com bubble. Apple has showed sustained growth for the last 15 years. When some stand at the top of a mountain all they can think of is falling. So it is not hard to scare them off their perch. Many who sell Apple do so at a profit. When the need to adjust their portfolio to compensate for losses of other stocks Apple seems like a safe sale. How can it be “expected” to keep going up. It’s like Old Maid when few cards are left is play. Todays market is dominated by the thinking that volatility is good. Make your profits between the swells by any means necessary. Driving the sheep away from Apple feeds that volatility.
More stupity from the market. Our economy is bad because the dumbest people work in the stock market period. There is no reasonable explanation for this drop of Apple stock. Everything I’ve read is a bunch of bull and piss poor guessing at nothing.
Do you believe the Apple buy back committee is loving this drop ?
Unless they are in cahoots with the WS shysters or if they are part of the plan to get rid of Cook (refer to my post on the main thread).
WS shysters are happy. They probably already have a negotiated buyback price in place. Now they can even buy cheaper and their spread increases plus they are making a killing selling covered calls.
b9bot: I continue to sense that WallNut Street analcysts aren’t so much stupid as addicted to meth and cocaine, the habits for which require massive inputs of cash gathered by way of ripping off their ‘clients’ with FUD about Apple, whereby they buy out the sucker-sold AAPL shares, cash them in at their high so they can get high, crash their bank accounts and start the cycle all over again.
This bizarro story I concocted above makes far more sense than ANY of the Apple FUD we’re enduring.
“WallNit Street analcysts”, LOL!
Brilliant. Thank you.
Did I mistype ‘WallNit’? YOU get credit for that one, or karma or something. Inadvertent comedy.
The Dow Jones Index sets various rates and financial costs. With Apple now listed on the Dow Jones, Apple stock is now more profitable to manipulate.
Overowned means that large financial organizations find that Apple stock is becoming more expensive to manipulate, as it is a widely held and expensive stock.
This is baloney. Sad part is Cook has rewarded WS. Almost masochistical.
The buy backs are the biggest scam costing Apple shareholders while WS laughs. Let me sum this up assuming $40 billion in buy backs.
Loan $40 billion WS fees (30 basis points): $120 million
Buy shares transaction fees: (30 basis points): $120 million
Sell shares transaction fees: (30 basis points): $120 million
Based on the fact that buy backs are negotiated prices and past history (Q average pps was 124 while buy back price was 134) WS has another spread of 10/124 = .08 x $40 billion = $3.2 billion.
Total WS: $3.5 billion while Apple share holders loss in equity $150 billion from price manipulation. Mind you this is not counting the options sales that WS can arbitrage based on the negotiated price of the buyback.
Cook is so naive. They are after him. They want another ex-soda salesman like in there. Already other carnival barkers are after that position. They are salivating about the chance to get a piece of the cash hoard.
Why do you think one company is trying to say that they are in the forefront of car and battery technology? Their genius of a CEO will then be first in line for replacing Cook. Apple’s skunk works is partly about cars and batteries. Cook will be/is being stabbed in the back by apple’sfinancial folks and the board of directors.
Now if the buy backs were instead pure dividends the stock would not have lost its value. The clamor will rise for Cook’s replacement.
With another ex-soda salesman like person in place, apple’s technology will be shared with others plus ARMwill be replaced by intel. You can iCal this.
It is both comic and tragic that Cook has given WS the funding/means to do what they have always wanted to do to Jobs. I really miss the guy. He was the only one who could stand up to these shysters.
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This is all about stock manipulation , nothing more. once they get the price down they’ll tell their clients its a deal- buy it. all BS.
Dow Jone Industrial Average: A 20th century stock market index dragged into the 21st century by Rupert Murdoch, where it is entirely irrelevant. 😛