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Apple (AAPL) shares flat after $180bn market cap wipe
Apple (AAPL) stock was flat on Friday just 24 hours after the tech giant logged the single biggest one-day value loss ever on Thursday as its market cap plummeted $180bn amid a sell-off of shares in the tech sector.
The latest retreat ends a bullish period for Apple after it became the first ever company to attain a $3tn valuation in late August as strong earnings and a planned four-to-one tech split impressed investors.
Early trading on Friday mirrored the previous session as shares slumped to an intraday low before slowly moving higher.
Apple eventually managed to move into positive territory, finishing 0.066% higher at $120.96 on the Nasdaq.
The 8% decline recorded on Thursday was the biggest percentage drop for the company since March, when investors were worried about the impact of the global pandemic.
However, Apple was not the only tech company to suffer as investors cashed in on high price stocks.
The fall does check the Cupertino-based company’s recent momentum, but analyst Daniel Martins does not expect the losses to continue mounting and believes that AAPL is still a stock to own and not trade.
He added: “The rather sharp correction of the past day and a half is not nearly good enough a reason, in my opinion, to exit an Apple position completely.”
Apple’s fundamentals are strong as it recently came in with $59.7bn in revenue for fiscal Q3, way ahead of the $52.3bn forecasts and an 11% hike from a year ago.
Apple is now preparing for the launch of its new 5G-ready iPhone.
Reports stated last week that it wanted to produce in excess of 75m handsets to meet demand.
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