Shares of Apple Inc. continued their sharp slide in Friday trading and entered the correction area.
Fell 4.7% on Friday afternoon, and its September Has fallen nearly 14% from a record close to $ 134.18. A correction has recently been defined as a decline of between 10% and 20% from a high, and Apple shares as a dip of at least 20%, to enter the bear-market arena Will need to close at or below $ 107.34.
Read: Tech bloodbaths aside, ride these two giants for the second half of recovery, says veteran analyst
The iPhone maker completed a four-in-one split of its stock after closing last Friday in an effort to make the stock more widely accessible and bring its stock price down to around $ 500 before the split, More in line with what is generally seen. For other members of the price-weighted Dow Jones Industrial Average DJIA,
Of which Apple is a component.
In the last few months, large stocks have seen a big boom. Tech-Heavy Nasdaq Composite Index Comp
Thursday’s trade lost 598 points or 5%, followed by Friday’s session by 460 points, or 4%.
Wesbush analyst Daniel Ives wrote late Thursday that “a massive sell-off will create some white knuckles on the street as apprehensions of a tech bubble and stretch valuations become the talk of the city,” though he did not go for technical names. Looked for more places. Apple in particular as a company that could benefit from an economic rebound.
After the government’s August jobs report, hopes for that rebound rose Friday, showing unemployment falling for the fourth-straight month. Read more about the jobs report.
Ives wrote, “Apple is the name of our Top 5G Play and Consumer Tech Recovery because Lockdown Ease of Doing Ease of Consumer Spending and Spike Looks”.
The stock has risen 42% over the last three months as the Dow Jones Industrial Average has advanced 5.8%