Apple
shares have slipped below the $3 trillion market capitalization level amid a broad market selloff triggered by stronger-than-expected U.S. jobs growth.
Apple
‘s (ticker: AAPL) market cap last Friday closed above $3 trillion for the first time, a level no public company had ever before reached. The stock finished that day $193.97, giving the company a valuation of $3.05 trillion. But the stock has been gradually slipping this week, falling 0.7% on Thursday to $190.05, giving the company a valuation of $2.989 trillion.
Apple shares have soared 46% this year as investors have plowed into mega-cap technology shares. The Apple rally comes despite modest Wall Street growth expectations for the company; consensus estimates call for Apple to post a 1.7% year-over-year revenue decline in the June quarter, and a 2.3% drop for the fiscal year ending in September . Wall Street sees a return to growth next year, on average modeling a 6.6% revenue increase.
Apple hasn’t announced a date yet for its June quarter earnings, but they are likely to be posted before the end of July; after that, Wall Street will be turning its attention to the launch of iPhone 15, expected to be introduced this fall.
Apple has 15,728,702,000 shares outstanding; the stock reaches a $3 trillion valuation at $190.73 a share.
Write to Eric J. Savitz at [email protected]
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