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Apple Has Its Worst Day of Trading Since Its Loss in March

Apple Inc (NASDAQ: AAPL) had its worst trading day since March as the stock declined 8% on Thursday. Since the stock started dropping on Tuesday, the multinational technology company has lost over 3%.

Before now, Apple’s stock had its worst-performing day on the 16th of March when it plunged 12.9%. Apart from recent losses in the last five days, Apple has been surging for the last twelve months.

Generally, the technology companies of the Nasdaq Composite index have been increasing and hitting several all-time highs. Despite the effect of the coronavirus pandemic on many companies, Apple and other FAANG stocks have been surging significantly. FAANG stocks include Facebook Inc (NASDAQ: FB), Amazon.com Inc (NASDAQ: AMZN), Apple, Netflix Inc (NASDAQ: NFLX), and Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG).

During the lockdown, FAANG stocks survived the negative effect of the pandemic as they recorded strong second-quarter earnings. For 2020 Q2, Apple CEO Tim Cook announced that the company grew in the quarter as a result of an all-time record in services and a quarterly record for wearables. Also, in the quarter, Apple recorded revenue of $58.3 billion, a percentage increase over 2019 Q2.

On the 19th of last month, Apple became the first publicly traded U.S., company to hit a $2 trillion market cap. This is a huge achievement for the company as the new market cap is a 100% increase in two years. In 2018, Apple hit $1 trillion on the 2nd of August, making it the first U.S., company to reach a $1 trillion market valuation.

Similar to the Apple worst day decline, other FAANG stocks also fell on Thursday. Facebook dropped 3.76%, Amazon fell over 4%, and Netflix also lost nearly 5%. In addition, GOOGL reduced 5%. The tech giants’ general losses led to a decline in the S&P 500 which closed at a loss of 5.8%. This is a new one-day loss for the index since it plunged 6.3% on the 11th of June.

On Monday, Apple started its four-for-one stock split to investors. Formerly announced on the 30th of July, the split is aimed at making stocks accessible to more investors.

Before the most recent split, Apple has had four other stock splits in the past. The newly-enacted split marked Apple’s 5th stock split in history.

In 1987, Apple approved its first-ever two-for-one stock split on the 31st of May. In addition, there were two other two-for-one stock splits on the 31st of May 2000 and the 31st of January, 2005. Much later on the 31st of May 2014, Apple enacted a seven-for-one stock split for investors.

On Monday when trading started on the stock split basis, AAPL opened at $127 and reached its highest of $131.

Currently, at a premarket trading price of $117.50, AAPL has lost nearly 3% over its previous close of $120.88. Apple has climbed nearly 70% in 2020 and about 50% in the past three months. Also, the tech giant rose 6.13% in the past month. 

Apple Has Its Worst Day of Trading Since Its Loss in March

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