The stock slipped 8% on Thursday, a rotten day for technology stocks. This translates into a loss of nearly $ 180 billion in market capitalization of the iPhone manufacturer. This is by far the largest one-day loss in value for any company, but still Apple with a market cap of over $ 2 trillion. Big numbers are fun.
The previous one-day loss record was a strange one. In October 2008, the sports car manufacturer
It was revealed that he had gained control of most of the voting shares.
(VOW.Germany). It set a massive small squeeze, which in essence grew Volkswagen’s shares by 82% to become the world’s most valuable company — $ 348 billion, lower than today’s standards.
In US, Largest One Day Market Cap Losses Before 2020
(FB) The stock reports on 26 July 2018, the evening before its earnings. Facebook’s second-quarter results were OK with Wall Street consensus earnings and sales. But following the Cambridge Analytica scandal and other pressures on the company’s business model, Facebook warned that its revenue growth and profit margins would decline significantly in the coming quarters and years.
The stock declined 19% the next day, losing more than $ 119 billion in market value.
For a few days in March 2020, Apple and had a market cap loss of over $ 150 billion.
On Thursday, Apple’s losses were larger than the individual market cap of 470 companies
– Below this are 37 joint. This is the largest percentage decline for Apple stock since March 16, when it fell 12.9%.
But, like the rest of the tech, Apple stock is still solid in green for practically any timeline. Adjusted for its most recent stock split, Thursday is near $ 120.88, the lowest since the August 20-10 trading days. The stock is up 65% since the beginning of 2020, and up 127% from the previous year. Feeling bad about those returns even after a rotten day.
Apple had the worst performance in stock
Dow Jones Industrial Average
On Thursday, it closed down 2.8%.
3.5% lost while tech heavy
Write Nicholas Jasinski at [email protected]