According to FactSet data analysis, Apple’s market value rolled down by more than $50 billion after the launch of its new products on September 22, 2017. The company launched iPhone X, iPhone 8, iPhone 8 Plus, Apple TV 4K, and Apple Watch Series 3.
The Cupertino-headquartered firm’s market value was $834.9 billion on September 11, a day before the launch of new products. It fell down to about $782.5 billion by the closing bell on September 22, 2017.
The amount by which the price rolled down in aforementioned period is more than the market value of firms such as Target, TJX, eBay, or Northrop Grumman. The massive market value of nearly $780 billion of Apple is still about $100 billion more than Google’s parent company, Alphabet.
Various reasons for fluctuations in value have been cited including investors’ consideration of Apple’s future returns, overall macroeconomic conditions, focus on short-term and long-term gains, and others.
Gene Munster, a former Apple analyst and an investor at Loup Ventures, stated that the company’s shares could take a dip by 5 to 10 percent following the release of the latest iPhones, despite a good reception of the products.
The tech giant’s shares closed down nearly one percent on September 22, 2017. It had slightly more than average trading volume and closed the week down 5 percent. According to FactSet data analysis, the stock made the most negative point impact on the S&P 500.
Apple’s shares were already up by more than 30 percent on September 22 as compared to 2016.