It is not a record that any publicly trading company wants to have. Yet Apple (AAPL) - Get Report now holds the dubious distinction of losing the most in market valuation of any U.S. company in a single trading day.
Apple saw a record $180 billion erased from its market valuation on Thursday, the most any U.S. company has ever lost in a single trading day, after the stock dropped 8% amid a broader market rout driven by investors fleeing record-high tech stocks.
Shares of Apple ended the trading day Thursday down 8.01%, or $10.52 a share, at $120.88, its worst one-day share decline since March 20, when the Cupertino, Calif.-based company fell about 6.4% amid the whirlwind of the pandemic market panic.
Apple was down another 4.26% at $115.73 in trading on Friday.
The decline follows Apple’s climb into the trillion-dollar-valuation club, which it entered just two weeks ago on the back of a broader rally in tech stocks as well as stronger-than-expected sales and its recent 4-for-1 stock split.
For his part, Apple Maven Daniel Martins sees both the short and long side of investors’ viewpoints, noting that Apple is later than usual in announcing its fall product launch event, and that Wall Street analysts’ ratings on the company are generally skewed to the buy side.
Still, “I continue to think that Apple is a stock to own, not to trade,” Martins said on Thursday. “The rather sharp correction of the past day and a half is not nearly good enough a reason, in my opinion, to exit an Apple position completely.”
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