Apple stock plunged 6.6 percent Friday, a day after the company delivered a strong earnings report however surprised investors having a major shake-up of its quarterly reporting structure in addition to light guidance for the holiday quarter.
Shares ended trading at $207.48, just above the threshold for Apple to maintain its historic $1 trillion market cap, based on Apple’s most recently reported share count. that will share count, in addition to corresponding share cost threshold to maintain a $1 trillion market value, are likely to change when Apple files its quarterly disclosure.
This specific’s the worst day of trading for Apple since January 2014. The losses push Apple into correction territory, more than 11 percent off its recent high.
The company on Thursday posted a huge jump in average selling cost for its flagship iPhone, nudging Apple to record revenue in addition to earnings figures. however Apple said the company will stop reporting individual unit sales for the iPhone, iPad in addition to Mac starting next quarter.
Top Wall Street analysts dissed the move. One called This specific a “tough pill to swallow” in addition to another said This specific could fuel “fears the company has something to hide.” Bank of America Merrill Lynch downgraded the stock citing increased risk.
Friday’s stock plunge is usually a surprising stumble for Apple, which many were expecting to weather an otherwise painful earnings season for the tech sector.
Apple was down 3 percent in October, fairing better than its FAANG stock peers. Facebook shed almost 8 percent inside period; Alphabet lost almost 10 percent; Netflix slid 19.3 percent; in addition to Amazon hemorrhaged 20 percent, producing for its worst month since the 2008 financial crisis.