Apple’s shares slid to their lowest point since January on Wednesday morning before its five-day losing streak finally halted as buyers emerged.
The world’s most valuable company has been hit by investor concern about its business in China, where there are signs economic growth is slowing and where Apple has recently slipped from its pre-eminent position in the smartphone market.
Despite Tim Cook’s bullish comments on China during Apple’s recent third-quarter earnings call, investors have sold off the company, wiping more than $111bn off its market value since July 21, a 15 per cent drop.
Shares opened a further 2 per cent lower on Wednesday but recovered by mid-morning, leaving it up 1.6 per cent at $116.44. The technology behemoth has fallen in 10 out of the past 12 trading sessions and a further drop on Wednesday would have been the stock’s sixth straight day of losses — the longest such stretch since February 2013 Apple’s share price slide has weighed heavily on broader stock market indices, with every $1 change in Apple’s share price resulting in a 0.65 point shift in the S&P 500, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
该股周三开盘进一步下跌2%，但在早盘中段反弹，使其上涨1.6%，至116.44美元。这家科技巨擘在过去12个交易日中有10个交易日录得跌幅，若周三进一步下跌，那将是连续第六天下跌——自2013年2月以来持续最久的跌势。苹果股价下滑严重拖累了股市大盘指数，据标普道琼斯指数公司(S&P Dow Jones Indices)高级指数分析师霍华德?西尔弗布拉特(Howard Silverblatt)介绍，苹果股价变动1美元，就会导致标普500指数(S&P 500)变动0.65点。
“The combination of Apple’s size and price moves results in an enormous impact on indices, with the only comparison being International Business Machines’ impact in the early 1980s, when PCs were new, and IBM was expected to own the market,” he said in a note.
Although Apple more than doubled its sales in China to nudge third-quarter revenues and earnings just ahead of market forecasts, investors were rattled as iPhone sales fell short of expectations.
Their concerns were reinforced after research outfit Canalys said this week that Apple has lost its position atop the Chinese smartphone market to local upstart Xiaomiduring the second quarter.
Apple dropped to third in China in the second quarter, according to Canalys, falling behind Xiaomi at number one and Huawei in second place. “Competition among major brands has never been so intense,” said Jingwen Wang in the report.
Sliding commodity prices, which Wall Street has taken as evidence of a slowdown in China’s economy, along with turmoil in the country’s stock markets, have added to bearish investor sentiment around Apple.
During Apple’s earnings call on July 21, chief executive Tim Cook shrugged off concerns about the sharp drop in China’s stock markets and worries about its economic growth, saying the company remained “extremely bullish” on the country.
“Nothing that’s happened has changed our fundamental view that China will be Apple’s largest market at some point in the future,” he said.