“Apple Inc.’s late-day rally ended just shy of positive territory Monday, giving the stock its longest losing streak in 18 years,” Tomi Kilgore reports for MarketWatch.
“The technology giant’s shares closed down 0.1%, paring earlier losses of as much as 1.4% at the intraday low of $92.40, to suffer an eighth-straight loss,” Kilgore reports. “That is the longest losing streak for Apple since an eight-session stretch that ended July 28, 1998… To put that in perspective, Apple released its first iMac personal computer more than two weeks later, on Aug. 15.”
“Shares have tumbled 13% since last gaining ground on April 20—they ticked up 0.2% that day—including a 6.3% plunge on April 27 after Apple reported disappointing quarterly results,” Kilgore reports. “In the 12 sessions since it peaked at a four-month high of $112.10, Apple stock has suffered 11 losses and has plunged 16%.”
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MacDailyNews Take: To paraphrase Frank Zappa: The stock market is making something out of nothing, and selling it.
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