Apple stock keeps dropping as bad news piles up

Apple shares keeps dropping this year, as bad news, from being M.I.A. from generative AI to huge antitrust fines, piles up. Wall Street analysts chattering about what might change Apple’s trajectory.
Emily Dattilo for Barron’s:
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The stock was down 2.8% at $174.68 on Monday morning. This year, shares are 9.3% lower, while the S&P 500 is up 7.6%.
The latest blow came Monday, when the European Commission said it was fining Apple nearly $2 billion over what it called “abusive App Store rules” for music-streaming providers.
On Friday, Goldman Sachs removed the company from its U.S. Conviction List—a list that the investment bank said includes 20 to 25 “of what we believe to be our most differentiated fundamental Buy ideas across our U.S. stock coverage”—without disclosing the thinking behind the move. Apple had spent 274 days on the list.
At the end of February, the company said internally that it was abandoning its car project and would be channeling focus toward generative artificial intelligence, Bloomberg reported, citing people familiar with the matter.
The company needs to deal with two sizable challenges: a potential drop in revenue in China and a possible ruling against Google in its antitrust case, the analysts said, referring to a 2020 lawsuit the Justice Department filed against Google.

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MacDailyNews Take: Hope springs eternal that Apple will finally get its act together and catch up to rivals, at least, on generative AI this year – likely to be announced at WWDC in June. Until then, AAPL shareholders into accumulation can look for some nice deals.
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