‘The Curse of the Dow’ bites Apple

“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?!

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