Apple endured another day of losses on Tuesday, April 20: -1.5% vs. the S&P 500's -0.7%. Shares seemed to be on fire ahead of the Cupertino company's April 28 earnings day. Now, Apple stock has started to lose some steam.
The Apple Maven discusses the key reasons for weakness in Apple this Tuesday. Meanwhile, AAPL share price remains 7% below the late January all-time high of about $143 apiece.
Apple news of the day
Tuesday offered a blend of macro-level bearishness and Apple-specific developments that impacted AAPL stock. Below are the key catalysts that dragged Apple on April 20:
- The Cupertino company held its Spring Loaded event, which the Apple Maven covered via live blog. Apple refreshed several products, maybe more than most expected to see at once, including the iPad Pro and iMac. Still, the market seems to have sold the news and cashed in on the early April rally.
- The pandemic may be (hopefully) nearing an end in the US, but it still rages on in most other countries around the world. Apple should not have been a top-of-mind victim of the increase in COVID-19 cases globally, but few stocks seem to have escaped the bears this Tuesday.
- Yields dropped once again, which could have been good news for growth and tech stocks. Yet, I believe that the other two forces listed above overwhelmed any potential benefit from lower interest rates.
Key metrics on Apple stock
Apple stock has been taking one step forward, one step backwards in the past few days. Here is a refresh on some of Apple shares' key metrics:
- Flat for the year vs. the S&P 500's 11% and the Nasdaq's 7% gains.
- Down around 7% from the January peak of $143 per share.
- Worth about $2.23 trillion, still the most valuable US-based company and ahead of Microsoft by about $290 billion in market cap.