Apple was worth more than $1 trillion at the start of the month, it’s now valued at $880 billion

“Apple was worth more than $1 trillion at the start of November,” Matt Phillips writes for The New York Times. “Now, it’s valued at $880 billion.”
“The mighty tech titans and their seemingly endless pipeline of profits, which powered one of the longest bull markets in stocks, are looking a little less invincible,” Phillips writes. “Shares of Apple and Google’s parent company, Alphabet, are down more than 10 percent since the market peaked, while Facebook and Amazon have dropped more than 20 percent.”
“Investors’ faith has been eroded by slowing growth and a trade war with China, as well as a steady stream of revelations about privacy lapses, security issues and mismanagement,” Phillips writes. “When the stock market hit its peak in September, technology had led the way, accounting for 50 percent of the gains for the year… Not anymore. Through Friday, roughly a quarter of the market’s decline since September was because of Amazon, Apple, Facebook and Alphabet, according to data collected by S&P Capital IQ. The sharp sell-off on Monday will only add to that tally.”
“The specter of regulation is looming over the shares of Facebook, as it deals with the fallout and costs from a data breach, privacy lapses and management missteps,” Phillips writes. “Alphabet likewise faces a regulatory crack down on business practices in Europe, and concern from elected officials in the United States about political bias… Soft demand for Apple’s new phones has hurt its shares and those of its suppliers.”
MacDailyNews Take: There is no proof that demand is soft for Apple’s new iPhones. Just some specious conjecture. The New York Times errs in reporting “Soft demand for Apple’s new phones” as fact.
“Since Apple’s share price peaked at just over $232 on Oct. 3, the stock has plummeted by nearly 20 percent, lopping more than $200 billion off the company’s market value,” Phillips writes. “Its shares were down nearly 4 percent Monday.”
Read more in the full article here.
MacDailyNews Take: Those were some expensive unit sales figures.
SEE ALSO:
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Nikkei: Apple to decrease iPhone production 10% in first quarter of 2017 – December 30, 2016
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