How bad was it? Let me count the ways:
- Apple shares fell from $575 to $539 – a decline of more than 6%. It was the stock’s biggest one-day drop-off in four years.
- The stock lost $35 billion in market cap, briefly dipping below $500 billion this morning for the first time all year. To put that in perspective – only 166 of the more than 6,000 publicly traded companies listed on U.S. exchanges even have a total value of $35 billion.
- Apple’s bad day continued into Thursday morning, as the stock dipped another $10 in early trading today. It has since rallied, but not before falling below $520 for the first time since February.
- At the low point of Apple’s 36-hour tailspin, it was down 26.5% from its September peak of $705.
That’s the bad news. The good news for Apple investors is that – as I mentioned before – the stock is rallying. After a very poor start to the day, shares are now up 2.35% – or roughly $12 – to $551 a share. So perhaps the worst is over for the world’s largest stock.
Wednesday was a brutal day for Apple. Investors are surely hoping another four years pass before there’s another day like it.
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