Apple (NASDAQ:AAPL) can’t buy buyers. The company’s share price slipped below the $500 mark to a low of $483.80 on Tuesday, down another three percent after falling 3.6 percent on Monday on reports that it was seeing lower-than-expected iPhone demand.
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While several company bulls tried to calm fears by insisting Apple’s lowered iPhone component orders — stated as the primary proof of falling device demand — were a consequence of improved yields and hence better margins, investors had other ideas. The fall to $501.75 on Monday was its lowest point in 11 months and wiped out $17 billion from the stock markets, pushing two benchmark indexes into negative territory. The S&P 500 Index dropped 1.37 points, or less than 0.1 percent, at 1,470.68, while the Nasdaq Composite Index lost 8.13 points, or 0.3 perent, to 3,117.50. Apple has a 3.8 percent weight in the S&P 500 and a 10 percent weight in the Nasdaq, and is the largest stock on both.
Here’s a look at Apple relative to the S&P 500 Index and Nasdaq Index over the past year: