Apple Drops 2.81% in Broad Brexit Selloff

| Apple Stock Watch

Upside down $AAPLShares of Apple Inc. shed 2.81% Friday in a broad market downturn sparked by Brits voting to leave the European Union, or Brexit for short. The selloff was part of a general panic among investors concerned about what Brexit will do to the global economy.

As such, $AAPL's downturn had little to do with Apple, or even Apple's business in the UK or the EU. Instead, it's Wall Street and other financial markets around the world have taken a sell-now and figure-it-out-later approach.

Shares of $AAPL ended the day at $93.40, down $2.70 (-2.81%), on heavy volume of 75.2 million shares trading hands. That's better than the market as a whole, however; the DOW closed at 17,400.75, down 610.32 (3.39%), while the NASDAQ ended the day at 4707.98, down 202.06 (-4.12%).

Economists and others have predicted a major hit to the global economy if Brexit won the referendum, which it did, meaning now it's simply a matter of seeing what actually happens. The political fallout of Brexit will be intense, and doing business in Europe just got substantially more complicated.

For some wretched lols on this subject, check out Buzzfeed's story about the Brits who voted for Brexit because they didn't think they're votes mattered. The kicker is that now they're concerned.

Good times.

*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.

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Comments

Lee Dronick

  As such, $AAPL’s downturn had little to do with Apple, or even Apple’s business in the UK or the EU. Instead, it’s Wall Street and other financial markets around the world have taken a sell-now and figure-it-out-later approach.

Time to buy?

Hagen

To aid in keeping perspective, AAPL performed more favorably than any other major company in the tech sector, with the exception of Tesla—I didn’t see any of the tech stocks drop by less than 3% today, and some companies (IBM, HP, Cisco) dropped more than 5%.

But you folks know that day-to-day stock price really doesn’t matter, right?

Constable Odo

All I have to say is we can only blame Tim Cook and Apple’s braintrust management for making Apple one of the least desirable tech stocks around.  The big investors seem to be relatively certain they can get far better returns from any major tech company than they can from owning Apple.  Of all the major tech stocks on the market only Apple lost institutional investor ownership while most of the others gained institutional investor ownership.

The big investors look at Apple like it is poison.  It’s been almost a whole year and Apple has done nothing but fade while so many other companies’ P/Es have grown in value.  Apple had to be the only major tech company who didn’t have any interest in building a revenue-creating cloud service.  All those other tech companies are being praised for looking forward to the future with the wide-open growth possibilities of cloud services.  All Apple can come up with is clearly ineffective ways of increasing iPhone sales.  Ridiculous planning.  Apple had better be buying back plenty of shares while the stock goes into daily low value mode.

Apple has to be one of the biggest investment jokes on Wall Street.  I doubt there are many happy Apple shareholders left and the remainder would probably love to jump ship while Tim Cook is busy with his own personal agendas.

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