In the last 10 minutes of Friday’s Nasdaq trading session, amid the COVID-19 pandemic, Apple’s market cap briefly dipped below $1 trillion, a level that the Cupertino Colossus has maintained since October.
While Apple shares pared their loss by the close, finishing the week valued at $1.003 trillion, the stock again teetered around the 13-digit threshold in after hours trading. In the wake of coronavirus, the company has been hampered by supply-chain worries in China and has closed stores everywhere else.
Microsoft Corp., the only other U.S. member of the trillion-dollar club, has managed to cling on despite the historic market rout. The company’s shares are down 23% since virus concern gained steam in late February and it ended the week with a market value of $1.04 trillion. Apple has fallen 27% since Feb. 21. Both stocks are still holding up better than the S&P 500, which is down 32% since reaching a record on Feb. 19.
MacDailyNews Take: Cash is king and the king of cash is Apple. Apple’s market cap during this period will obviously be affected. As difficult as it may be to believe sometimes, this too shall pass.
MacDailyNews Note: More info on the Prevention & Treatment of Coronavirus Disease 2019 (COVID-19) via the U.S. CDC is here. Track the Coronavirus COVID-19 Global Cases by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (JHU) here.