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Home>Apple sheds over $55 billion in market cap since iPhone event

Apple sheds over $55 billion in market cap since iPhone event

Apple sheds over $55 billion in market cap since iPhone event

09/26/2017

Shares of Apple Inc. (AAPL) shed 0.9% Monday to close at an 8-week low, as concerns over softer-than-anticipated demand for new iPhones (http://www.marketwatch.com/story/apples-stock-keeps-falling-as-investors-suffer-short-term-pain-for-long-term-gain-2017-09-22) helped push the stock down for a fourth-straight session, and for the eighth time in 10 sessions. The stock has now lost $10.95, or 6.8%, since Sept. 11, which was the day before the Apple product event (http://blogs.marketwatch.com/thetell/2017/09/12/apple-event-expected-to-include-redesigned-iphone-on-tenth-anniversary-live-blog/), in which the new iPhones and Apple Watch were introduced. With 5.17 billion shares outstanding as of July 21, according to recent filings, about $56.56 billion in market capitalization has been wiped out by the stock's price decline. The Vanguard Group, which was Apple's largest shareholder with 342.2 million shares as of June 30, according to FactSet data, could have lost $3.75 billion on its Apple investment if its holding remained intact. And Warren Buffett's Berkshire Hathaway Inc. (BRKA), which is Apple's fifth-largest shareholder with 130.2 million shares, could be down $1.43 billion. Despite the recent weakness, the stock was still up 2.9% over the past three months and 30% year to date, while the Dow Jones Industrial Average has climbed 13% this year.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

09-25-17 1607ET

Copyright (c) 2017 Dow Jones & Company, Inc.

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