June 21, 2024

Tech Stock

Apple Stock Topples as Orders From Asia Cut Off

Following the news that the company has reduced its orders from Asian manufacturers for the MacBook, Apple Watch, and AirPods, Apple stock had a poor start in 2023. Apple’s fiscal first-quarter financial results are anticipated in late January. Nikkei Asia claims that the IT giant has scaled back orders from vendors for most of its goods.

In 2022, Apple’s fintech stocks fell 28%, reaching a market price of $3 trillion on January 3, 2022, during intraday trading. After today’s sell-off, Apple’s stock’s market value was below $2 trillion. Shares on the stock marketplace currently decreased 3.7% to settle at 125.07. According to research by economist Ed Yardeni published on January 2, the market value of the “MegaCap 8” stocks will drop by 41.4% to $7.1 trillion in 2022.

 

Apple stock has a Relative Strength of 28 out of a best-possible 99, according to IBD Stock Checkup, along with stocks of Alphabet (GOOGL), Meta Platforms (META), Microsoft (MSFT), Amazon.com (AMZN), Netflix (NFLX), Tesla (TSLA) and Nvidia (NVDA). Due to robust sales of the iPhone and Mac computers, Apple’s fiscal 4th quarter earnings exceeded Wall Street’s expectations. However, sales of iPads fell to $7.2 billion. 47% of the overall sales for the company during that time was accounted by smartphones.

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