Apple Inc. Stock Underperforms, Marks Fifth Consecutive Day of Losses
Apple Inc. had a disappointing day in the stock market on Friday, as it underperformed compared to its competitors. This marked the fifth consecutive day of losses for the tech giant.
Apple Inc. Shares Slump 0.84%
Shares of Apple Inc. slumped 0.84% on Friday, closing at $182.31. This decline came amidst a generally dismal trading session for the stock market as a whole.
NASDAQ Composite and Dow Jones Industrial Average Also Drop
Not only did Apple Inc. experience a decline, but the NASDAQ Composite Index fell 0.82% to 15,775.65 and the Dow Jones Industrial Average dropped 0.37% to 38,627.99.
Apple Inc. Closes Below 52-Week High
Apple Inc. closed at $17.31 below its 52-week high of $199.62, a level it had reached on December 14. This further emphasizes the company's recent struggles in the stock market.
Mixed Performance Compared to Competitors
In comparison to its competitors, Apple Inc.'s stock showed a mixed performance on Friday. While Microsoft Corp. fell 0.61% to $404.06, Alphabet Inc. Cl C dropped 1.51% to $141.76, and Alphabet Inc. Cl A decreased 1.58% to $140.52.
Trading Volume Below 50-Day Average
The trading volume for Apple Inc. on Friday was 48.3 million, remaining 7.7 million below its 50-day average volume of 56.0 million. This indicates a decrease in investor interest in the company's stock.
Overall, Apple Inc. had a rough day in the stock market on Friday, as its shares slumped and it underperformed compared to its competitors. The company will need to strategize and find ways to regain investor confidence in the coming days.
Analyst comment
This news can be evaluated as negative. The Apple Inc. stock underperformed compared to its competitors and has experienced five consecutive days of losses. The market is expected to continue its downward trend due to the overall dismal trading session and the company’s stock closing below its 52-week high. Additionally, the trading volume for Apple remains below its 50-day average volume.
