Shares of China Evergrande Group fell 87% and lost almost $2.4 billion of its value after the world's most-indebted property developer resumed trading following a 17-month suspension, amid the ongoing crisis in China's property sector.
Shares of Tesla Inc. dropped 5.0% after the company reduced prices in China for the second time in two weeks, despite experiencing overall volatility this year.
Apple shares have declined due to falling revenue in its product segments, but the company's long-term outlook remains strong, driven by its booming services business and dominant market shares, with two reasons to buy Apple stock being the upcoming iPhone launch and its potential in high-growth industries like AI and virtual/augmented reality.
Shares of Netflix Inc. fell 0.65% on a rough trading session for the stock market.
Apple Inc. experienced a significant decline in its stock price after reports emerged that Chinese government agencies have banned the use of iPhones and other foreign-branded devices by their staff.
Shares of AMC Entertainment fell over 35% after the company announced plans to sell more than 40 million common shares, following its recent 1-for-10 reverse stock split and a decline of 84% in the last year.
C3.ai Inc. shares dropped 8% in after-hours trading following the release of quarterly results, despite the company's positive performance and CEO's statement on strong traction with enterprise AI applications.
Asian stocks fell as trade data indicated weakness in the Chinese economy and regional technology shares were hit by the possibility of more U.S. restrictions on China after a supposed Chinese chip breakthrough.
Apple's stock falls after reports that China restricted iPhone use for its government officials, prompting experts to weigh in on the situation.
The Nasdaq tumbled due to Apple's falling shares after reports of China banning government officials from using its iPhone and extending the ban to state companies, while the Dow Jones Industrial Average remained flat and the S&P 500 dropped 0.4%.
Apple's recent sell-off due to concerns about a Chinese crackdown on iPhone usage among government workers should not deter investors from the tech giant.
Asian shares fell and the dollar's rally stalled as the greenback weakened against most major currencies; concerns over Apple's iPhone sales in China and the expansion of a ban on iPhones in sensitive departments in China to government-backed agencies and state companies also weighed on sentiment.
Shares of major Apple suppliers dropped following reports of China widening curbs on iPhone use by state employees, raising concerns about sales in one of Apple's biggest markets.
Apple shares stabilize after a recent loss following a Chinese crackdown on iPhone use, while Disney channels remain blacked out for Charter subscribers, and other notable stock updates are highlighted.
Apple has lost $200 billion in market capitalization as tensions between the U.S. and China escalate, with reports emerging of an iPhone ban for Chinese state employees, placing significant pressure on Apple as China is its largest international market.
Bitcoin could decline by more than 60% if Apple's market cap continues to decline, according to crypto analyst Nicholas Merten. A plummeting Apple market cap would have a significant impact on Bitcoin and other equities.
Apple's market value has dropped by 10% due to factors such as China's ban on the iPhone for government employees and competition from a Chinese rival, leading to concerns about slowing growth and the need for new products with high growth potential.
The Hong Kong-listed shares of Alibaba Group fell over 4% after the surprise departure of former CEO Daniel Zhang from the company's cloud computing business.
U.S. stocks fell on Tuesday, with tech stocks dragging down indexes after Apple unveiled its latest iPhone and the Justice Department's antitrust case against Google went to trial in Washington. The Nasdaq sank 1%, while the S&P 500 fell 0.6% and the Dow Jones Industrial Average closed 0.1% lower.
Stocks slump as Oracle and Apple experience losses, with the Nasdaq Composite having its first losing day in three, while Apple's new iPhone 15 and iPhone 15 Pro fail to boost investor interest in the company.
Apple's stock dropped 7.2% in the week leading up to the iPhone 15 launch, the largest decline ever for an iPhone release, signaling investors' lack of enthusiasm for the company's stagnant growth compared to other S&P 500 companies.
The article does not mention any specific stock recommendations. However, it discusses Apple (NASDAQ:AAPL) extensively and highlights the author's positive view towards the company's valuation and growth prospects.
The author's core argument is that while Apple's growth has slowed, its elevated valuation is justified due to factors such as its superior competitive position, strong brand and connection with consumers, solid prospects for future growth, and strong financial position.
Key information and data mentioned in the article include:
- The Wall Street Journal reported that the Chinese government had banned iPhones for government employees, but the Chinese government later denied this report.
- If the ban had been true, analyst Dan Ives estimated it would be a hit of half a million iPhones, but he referred to it as "more bark than bite."
- Apple's growth has slowed, but its high valuation is justified due to its many advantages, including its competitive position and strong financials.
- Apple's valuation is less dependent on current earnings and more focused on long-term prospects.
- Apple's revenue is comparable to other massive companies, but it still has room for growth, especially in the high-margin services segment.
- Apple's dependence on China is both a risk and an advantage, as China is also dependent on Apple.
- The Chinese economy is facing challenges, and a cooperative relationship between the US and China would benefit Apple and the global economy.
- The author believes that Apple's strong management and adherence to secrecy and compartmentalization give it a unique edge.
- The author suggests that expectations for Apple may be too low if globalization is not receding as expected.
Shares of Microsoft Corp. fell 2.50% as the stock market experienced a dismal trading session, ending its two-day winning streak.
Shares of Alphabet Inc. Cl A fell 0.51% as the stock market experienced a dismal trading session, although it outperformed some of its competitors.
Shares of China Evergrande Group fell 25% after police detained staff at its wealth management unit, adding to the embattled developer's troubles amidst China's real estate crisis.
Microsoft's shares have outperformed Apple's as investors see better growth prospects and less China risk, making some analysts believe that Microsoft may overtake Apple as the world's highest-valued company.
Starbucks Corp. shares dropped by 2.16% as the stock market took a hit, resulting in their third consecutive day of losses.
Tesla's stock fell 4.23% as the overall stock market experienced a rough trading session, marking the stock's third consecutive day of losses.
Apple stock receives a rare downgrade over concerns of slowing US sales and restrictive iPhone promotions, leading to a decrease in its shares.
Shares of Coca-Cola Co. fell 4.1% due to concerns about high interest rates and a slowing job market impacting the U.S. economy.
Tesla's stock fell nearly 1% after the company cut prices on some models and reported third-quarter deliveries that missed market expectations.
Tesla shares fell after the company lowered prices on its Model 3 and Model Y vehicles in the U.S. to boost demand, following lower-than-expected third-quarter deliveries.
