Apple has lost 22.5% from its intraday record high of $137.98 from September 2nd, making for a loss of some $536 billion in market value.
It took just 12 trading sessions for Apple to plunge more than 20% from its all-time high, shedding over half a trillion in market capitalization.
Apple’s weakness in the past few weeks also came amid a broad sell-off in the tech sector as investors rotated out of the market-leading high-fliers. The tech-heavy Nasdaq Composite has plunged into correction territory, down more than 10% from its record high. Some investors believe the sell-off in the tech darlings comes from concerns over lofty valuations that have run up too far, too fast.
Before the recent sell-off, shares of Apple surged 21.4% in August alone as the announcement of the stock split sparked a knee-jerk rally…
Some analysts see Apple rebounding from here given its megacap position and history of quality products.
Loup Venture’s Gene Munster said the key takeaway from the Apple event is how the company is “masterfully upselling its consume… They can get away with it and the reason is that they have some of the world’s best products,” Munster said on CNBC’s “Fast Money” on Tuesday. “They do have great products and consumers see the trade off, the price premium relative to value.”
MacDailyNews Take: On December 31, 2019, Apple closed at $73.41. At today’s close of $106.84, Apple is up 45.53% for the year to date —— not a bad return, especially amid a global pandemic —— with iPhone 12, iPhone 12 Max, iPhone 12 Pro, and iPhone 12 Pro Max poised for unveiling and launch. Stay the course.