Smartphones Under $200 – Selling at Apple continued on Monday, with shares in the iPhone maker sinking through the $ 200 mark for the first time in three months as investors increasingly questioned the growth outlook for the world’s most valuable company. The decline continues in the area of technical correction and has lined up for the biggest two-day decline since 2013.
Apple shares slumped as much as 4.5 percent on Monday after the Nikkei Asian Review reported the company had asked contractor Foxconn (also known as Hon Hai Precision Industry) and Pegatron to halt plans to increase production of the new XR model.
Smartphones Under $200
The report came just days after Apple gave a disappointing outlook for the upcoming holiday season and unexpectedly said it would stop reporting unit sales for iPhone, iPad and Mac. That fanned the concern that demand for company smartphones might have peaked and proved to be the catalyst for this most recent and sharpest sale.
Monday’s low intraday was $ 198.17, Apple’s decline over the past two sessions reached 10.8 percent: its own mini-correction, but also put it on track for the biggest two-day decline since the two sessions ended January 25, 2013.
Nearly $ 110 billion in market capitalization was removed from shares in the last two sessions, based on shares totaling 4,745,398,000 shares on October 26, as revealed today in the company’s latest 10-K regulatory filing. That’s a little more than IBM’s value and a little less than 3M.
Stock prices sat 3.6 percent lower at $ 199.97 immediately after midday on Monday.
Although the closing of the Apple market ended below $ 1tn after Friday’s decline, today is the first time stock prices have traded below $ 200 since August 1, the session was immediately before becoming the first company to reach the milestone rating.
Also on Friday, Apple shares posted their fifth consecutive weekly decline, the longest weekly decline since an eight-week decline until November 16, 2012.
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