Apple stock is having a terrible month.
Although it’s still up just under 3% on the year, it’s been deeply slumping since November 1, dropping 21% during this month, wiping out over $200 billion in value. That was when Apple said that it would no longer reveal how many iPhones it sells in a given quarter, leading analysts to speculate that unit sales were going to start trending downwards.
That’s been a big contributor to the rout. In fact, Apple has now lost its crown as the most valuable U.S. company — to Microsoft! The company that was once the first $1 trillion publicly traded company is now not even the most valuable company.
When markets opened on Wednesday morning, Apple’s market cap was at $833 billion. Microsoft’s was slightly higher at $838 billion, according to Bloomberg data.
Ultimately, it’s all shaping up to be Apple’s worst month since 2008, during the financial crisis.
There are a lot of reasons why Apple is in a slump. Let’s break them down:
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