Apple shareholders look for positive signs after worst quarter relative to S&P since 2013

Apple shareholders look for positive signs after worst quarter relative to S&P since 2013

2205 02 tim cook - Apple shareholders look for positive signs after worst quarter relative to S&P since 2013
Apple CEO Tim Cook

With Apple’s stock coming off its worst quarterly performance relative to the S&P 500 Index in over a decade, AAPL investors are looking for something – anything – positive.

Jess Menton for Bloomberg News:

The 12% drop since the start of the year paid off for short sellers, giving them an incentive to unwind their bets. Technical analysts say the stock is flirting with levels where dip-buyers are likely to swoop in. And the lagging run may make Apple look cheap compared with the other big tech companies.

“Nobody wants to sell anymore of their Apple positions because there’s a dividend, big share buybacks and no one wants to pay capital-gains taxes on it,” said Craig Johnson, chief market technician at Piper Sandler & Co. “I don’t see the stock falling much further from here. The bigger risk is that Apple’s stock may be stuck in a range between $165 to $200 until it can decisively break above its longer-term moving averages.”

The slide has erased more than $300 billion in market value this year, ceding Apple’s status as the most-valuable US company to Microsoft.

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MacDailyNews Note: Apple shares lost another $1.19 (-0.70%) in Tuesday trading to close at $168.84. One year ago, AAPL shares closed at $165.29.

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