Apple stock got off to a slow start in 2023 as shares fell on a report that the company has cut MacBook, Apple Watch and AirPod orders from Asian suppliers. Fiscal first-quarter earnings for Apple (AAPL) are due in late January.
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According to Nikkei Asia, the tech behemoth has reduced orders from suppliers for almost all of its products.
Shares fell 3.7% to close at 125.07 on the stock market today. Apple stock tumbled 28% in 2022.
Apple Stock: Market Valuation Takes Big Hit
On Jan. 3, 2022, Apple stock hit a market value of $3 trillion in intraday trading for the first time. With today’s sell-off, the market valuation of AAPL stock fell below $2 trillion.
Economist Ed Yardeni in a report on Jan. 2 noted that the market capitalization of the “MegaCap 8” tech stocks fell 41.4% in 2022 to $7.1 trillion.
That includes Apple stock, along with shares of Alphabet (GOOGL), Amazon.com (AMZN), Meta Platforms (META), Microsoft (MSFT), Netflix (NFLX), Nvidia (NVDA) and Tesla (TSLA) —
Apple stock holds a Relative Strength of 28 out of a best-possible 99, according to IBD Stock Checkup.
Apple’s fiscal fourth-quarter earnings and revenue beat Wall Street’s targets, due to strong iPhone and Mac computer sales. But iPad sales declined 13% to $7.2 billion. Smartphones accounted for 47% of the company’s total sales in the period.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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