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Apple
Shares fell 8% on Thursday, a lousy day for tech stocks. That translated to a loss of roughly $ 180 billion in the iPhone maker’s market capitalization. It’s the biggest loss in value in a day for any company, but it still leaves Apple with a market capitalization of more than $ 2 trillion. Big numbers are fun.
The loss record from a day before was strange. In October 2008, the sports car maker
Porsche
revealed that they had obtained control of the majority of the voting shares in
Volkswagen
(VOTE, Germany). That triggered a huge drawdown, which propelled Volkswagen shares 82% more to briefly become the world’s most valuable company, at $ 348 billion, meager by today’s standards.
Things normalized a bit the next day and VW shares lost 44%, or $ 153 billion in market value.
In the US, the largest market capitalization loss in a day before 2020 came from
Facebook
(FB) on July 26, 2018, following its earnings report the night before. Facebook’s second-quarter results were good, with earnings and sales in line with the Wall Street consensus. But in the wake of the Cambridge Analytica scandal and other pressures on the company’s business model, Facebook warned that its revenue growth and profit margins would shrink significantly in the coming quarters and years.
The shares fell 19% the next day, losing more than $ 119 billion in market value.
A couple of days in March 2020 saw market cap losses of more than $ 150 billion from Apple and
Microsoft
(MSFT) shares.
Apple’s loss on Thursday was greater than the individual market capitalizations of 470 companies in the
S&P 500
“Or the bottom 37 combined.” It’s the biggest percentage drop for Apple shares since March 16, when it fell 12.9%.
But, like the rest of technology, Apple’s stock remains solidly in the green pretty much any time line. Adjusted for its recent stock split, Thursday’s close of $ 120.88 is the lowest since August 20, 10 business days ago. The stock is still up 65% from the beginning of 2020 and 127% over the past year. It’s hard to feel bad about those returns, even after a horrible day.
Apple shares were the worst performers in the
Dow Jones Industrial Average
on Thursday, which closed down 2.8%. the
S&P 500
lost 3.5%, while technology
Nasdaq Composite
fell 5%.
Write to Nicholas Jasinski at [email protected]
