Today’s Stock Market News – Shares of Apple fell more than 5% in after-hours trading. Apple’s market cap dips below $1tn in after-hours trade.


Stock Market News Today


 


Shares of Apple (NASDAQ:AAPL) fell more than 5% in after-hours trading following its release of quarterly numbers, with revenue and margin guidance a concern for investors. The company beat expectations on profit and revenue for the most recent quarter. But its forecast for fiscal first-quarter revenue was shy of forecasts, as was its guidance for gross margins.


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An adverse investor reaction to its Apple’s outlook for the holiday season and concerns about less transparency in future financial reports sent the iPhone maker’s market capitalisation below $1tn and shares into correction territory during after-hours trade. The company’s stock price fell as much as 7.7 per cent to $205.16 following the release of its fourth-quarter results after the market close. That took it below the $207.05 mark at which, on August 2, it became the first company to achieve a $1tn market capitalisation.

It would mean about $130bn in market cap has been erased since the stock’s record high close of $232.07 on October 3, or slightly more than the value of industrial conglomerate DowDuPont, semiconductor manufacturer Nvidia or cigarette maker Altria. It would be a little bit less than the market value of Netflix.

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Pinpointing Apple’s market cap is a task complicated by its massive stock buyback programme. The stock price of $207.05 that yielded the trillion-dollar threshold three months ago was based on the company’s 10-Q regulatory filing on July 20, which showed it had 4.830bn shares on issue. That share count will probably change when its next 10-Q is released on November 2.

At the after-hours low, it would also mean Apple is now down 11.6 per cent from its October 3 peak, putting it in technical correction territory.


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Apple was the only one of the so-called Faang stocks that did not end up in correction territory or worse by the end of October, which was a particularly bruising month for tech stocks.

As of the New York closing bell on November 1, seven of the 10 big and popular tech stocks that make up the NYSE Fang+ index — including Amazon, Facebook, Netflix and Alibaba — are in bear markets even after Wall Street’s fizzy three-day rally this week. That means they are still down more than 20 per cent from their record highs this year.

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Categories: Apple Inc, Stock Markets

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