Tuesday, May 21, 2024
Latest News
BJP scared of defeat, doing dirty politics, retorts AAP | Delhi News Stock market today: BSE Sensex opens over 100 points down; Nifty50 near 22,475 Today in the past: Interesting things that happened on May 21 | After talks with China, Benin eases oil export ban against Niger Zen Educate raises $37M and acquires Aquinas Education as it tries to address the teacher shortage Banned Chinese supplier with forced labour ties used to import cars to US by BMW, Jaguar Land Rover, Volkswagen: Senate report Aircraft about to land at Mumbai airport flies into flock of flamingos, at least 40 birds dead China National Nuclear Power starts work on nation’s largest offshore solar farm OpenAI uses Scarlett Johansson’s voice for ChatGPT without permission: All details Haiti’s Gangs Grow Stronger as Kenyan-Led Force Prepares to Deploy Funerary procession to be held for late president in Iran's northwest | India News Saudi Arabia's national carrier orders more than 100 new Airbus jets 'It's not fair': Wasim Akram agrees with Irfan Pathan, slams ECB and England players for leaving IPL early | Cricket News Second Henrietta Lacks family lawsuit can proceed against pharmaceutical company, judge rules California Assembly passes bill allowing cannabis cafes Dibrugarh: Dibrugarh cracks down on unauthorised e-rickshaws | Guwahati News BTS’ RM, NewJeans, Aespa and Treasure to go head to head in the K-pop charts with a clutch of new releases 'He had never asked me a single question': Gautam Gambhir hails Shah Rukh Khan as 'best owner' | Cricket News Microsoft unveils AI-capable Windows PCs said to be faster than Apple’s MacBook Air 2024 showdown: Trump tops Biden in April campaign cash dash Check-Dam: Opposition Leaders Condemn Check-Dam Construction in Kerala | Coimbatore News Big IPOs seen making a comeback in India as stock boom continues TOI Health News Morning Briefing | FLiRT variants identified in Kolkata, Harvard study finds when to take aspirin during heart attack, simple tests to check purity of milk, FAQs on heat stroke answere... OpenAI pauses ChatGPT voice ‘eerily similar’ to Scarlett Johansson Scarlett Johansson Said No, but OpenAI’s Virtual Assistant Sounds Just Like Her Sean Hannity: This is not justice IMD: IMD forecasts heavy rain in 8 districts from Friday | Bhubaneswar News China’s GPS rival BeiDou prepares to take off as Beijing moves to strengthen home-grown satellite navigation Australia and New Zealand sending planes to evacuate nationals from New Caledonia's unrest Trump's social media account shares a campaign video with a headline about a 'unified Reich'
HomeBusinessApple's stock market value falls below $2 trillion

Apple’s stock market value falls below $2 trillion


NEW YORK: Apple Inc’s stock market value fell sharply on Tuesday following its steep drop last year, putting it on track to end below $2 trillion for the first time since March 2021.
The sell-off comes a year after the iPhone maker became the first company to reach the $3 trillion market capitalization milestone.
Apple’s shares fell 4% to $124.60 after Exane BNP Paribas analyst Jerome Ramel downgraded the company to “neutral” from “outperform,” slashing his price target to $140 from $180, according to Refinitiv Eikon.
Ramel cut his iPhone shipment targets for fiscal 2023 to 224 million units from 245 million units, reflecting supply chain issues from manufacturer Foxconn and consumers cutting back spending on high-end phones.
At Apple’s current stock price, the company is worth $1.98 trillion, just ahead of Microsoft Corp, currently valued at $1.78 trillion.
Underscoring investors’ worries that a slowing global economy and high inflation may be hurting demand for Apple devices, analysts on average expect the Cupertino, California company to report a 1% drop in December-quarter revenue in the coming weeks, according to Refinitiv. That would mark Apple’s first quarterly revenue decline since the March quarter of 2019.
“They (Apple) tend to skew to the high-end consumer device customer but even that demographic might be being affected by the high price of everything,” Bokeh Capital Partners’ Kim Forrest said.
Last year’s steep sell-off on Wall Street punished tech-related heavyweights as investors worried about rising interest rates dumped stocks with high valuations.
The combined stock market value of Apple, Microsoft, Amazon.com Inc, Alphabet Inc and Meta Platforms now accounts for about 18% of the S&P 500, down from as much as 24% in 2020.
Even after its 27% drop last year, Apple has provided stellar returns to long-term shareholders. Investors who bought and held Apple shares when cofounder Steve Jobs launched the iPhone in 2007 have enjoyed a gain of over 4,000%, not including dividends, compared to a 180% gain in the S&P 500 over the same period





Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

Latest News