Apple hit its all-time high of 260.10 on Dec. 26, nearing a $4 trillion market cap valuation. But Apple stock has retreated since.
On Monday, shares headed lower after triggering a sell signal on Friday by falling below the 50-day moving average in heavy volume. Shares have also fallen below a buy point of 237.49 and erased a 9.5% gain.
Apple Stock Lose $350 Billion In Market Cap
Shares have shed $350 Billion in market cap in 10 days, as of Friday's closing price. That is more than the market cap of software behemoth and Dow Jones stock Salesforce and nearly that of Netflix.
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The stock has been under pressure amid news that Apple's rollout of its artificial intelligence features has not been spurring demand, while competition in China has intensified.
Last week, analyst Craig Moffett at MoffettNathanson noted that demand for "iPhone 16 appears to have cooled relative to last year, even as Apple Intelligence is now available and heavily marketed." The analyst downgraded the tech titan to a sell from a neutral rating with a buy point of 188, down from 202.
Apple holds a Composite Rating of 92 and EPS Rating of 90. The Relative Strength Rating has taken a hit, falling to 83 from 92 six months ago.
Apple will report its fiscal first-quarter results on Jan. 30.
Analysts polled by FactSet expect 4% growth in sales to $124.8 billion, while earnings per share of $2.35 would be 8% higher than the prior year.
Analysts expect profits to be under pressure in the current and next fiscal year. For the fiscal year ending in September, they see 9% growth to $7.37 per share. Earnings of $8.26 per share, up 12%, are expected the next fiscal year.
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