Apple in Long Losing Streak
May 02 2016 - 9:36PM
Dow Jones News
By Leslie Josephs
The last time Apple Inc.'s shares fell for this many sessions
you may have been coveting a candy-colored iMac.
Shares of the iPhone-maker fell 0.1% Monday to $93.64 each for
an eighth consecutive session of losses, Apple's longest losing
streak since July 1998, according to WSJ Market Data Group. Apple
stock last had a nine-session slide in June 1991.
The latest decline came on the heels of the company's
announcement last week that iPhone sales fell for the first time
ever in a quarter and revenue fell for the first time since
2003.
The eight-day decline wiped out $73.89 billion in Apple's market
value.
Technology stocks in the S&P 500 have shed 5.7% from a month
ago, making tech the biggest laggard in the index, which itself has
posted a 0.4% gain over that period.
The move has taken an especially large bite out of
technology-focused exchange-traded funds, in which for many, Apple
is the top holding. In all, Apple is the top holding in 75 ETFs,
according to Morningstar.
The decline came in the face of a strong day in the stock
market, with U.S. stocks posting their biggest one-day advance in
more than two weeks, putting the Dow industrials and S&P 500
within 2.3% of their records.
A representative for Apple didn't respond to a request for
comment.
Apple's quarterly revenue decline ended a great run for the
world's most valuable company and stoked questions about whether
its best days are behind it.
The company has struggled to maintain the sales surge that
followed the introduction of its larger-screen smartphones in late
2014. The 2015 successors to those models haven't generated as much
enthusiasm from consumers.
--Daisuke Wakabayashi contributed to this article.
(END) Dow Jones Newswires
May 02, 2016 21:21 ET (01:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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