The Stock market is currently not at its best and both and the global market seems to be taking a proportional plunge. Some large technology companies are affected. Apple is one of them. After the market value exceeded one $1 trillion the result was a plunge in value. Recent reports now suggest that Apple hit its longest losing streak in more than six months. This is also a sign of the weak iPhone demand and investors are reassessing the company’s growth prospects. Recall that Apple decided not to share its quarterly performance anymore and many believe that this decision was taken to shield its plunging performance.
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In terms of the latest closing stock price, Apple fell another 2.8%, closing at a loss for the fifth consecutive day. This is the longest losing streak for Apple since late April. Apple has fallen about 11% in five days, losing about $107 billion in market capitalization. Apple has only risen about 10% this year, and as of early October, it has risen by nearly 40%.
Investors are worried about the declining iPhone sales after many iPhone parts suppliers unexpectedly cut their revenue forecasts. Guggenheim downgraded Apple’s stock rating from buy to neutral on Wednesday, pointing out that Apple’s dependence on the iPhone’s average selling price is “not enough” to support revenue growth expectations.