Apple lost $100 billion in market value in one day - more than combined worth of Ford and GM - and ‘lackluster’ sales of one gadget are to blame
https://www.dailymail.co.uk/yourmoney/article-12923323/apple-billion-dollar-market-value-loss.html
Excerpt:
Sales of iPhone 15 are ‘lackluster’ according to Barclays analyst - with iPhone 16 set to be low too due to lack of new features
Barclays cut target price for shares as a result - causing market value to dip
Issues in China are affecting iPhone sales, and could cause them to fall more
Apple’s share price fell more than four per cent in the past day - wiping more than $100 billion of its market value.
The one-day decline is more than the combined value of Ford and General Motors.
Sluggish sales of the $1,599 iPhone 15 - and fears even the next model due in September will disappoint too - led to Barclays announcing Tuesday it was downgrading the stock.
That caused an immediate 4 percent slide in the share price, which is now hovering around $184 - a seven-week low - after being above $192.
Apple’s valuation fell by $107billion, according to data from Refinitv.