Apple Briefly Dips Below $1 Trillion Level It Held Since October
Apple Briefly Dips Below $1 Trillion Level It Held Since October
(Bloomberg) -- Apple Inc. briefly fell below $1 trillion in market value in the last 10 minutes of Friday’s session, threatening a title that the iPhone maker has hung onto since October.
While Apple shares pared their loss by the close, finishing the week valued at $1.003 trillion, the stock again teetered around the 13-digit threshold in after hours trading. In the wake of coronavirus, the company has been hampered by supply-chain worries in China and has closed stores everywhere else.
Microsoft Corp., the only other U.S. member of the trillion-dollar club, has managed to cling on despite the historic market rout. The company’s shares are down 23% since virus concern gained steam in late February and it ended the week with a market value of $1.04 trillion. Apple has fallen 27% since Feb. 21. Both stocks are still holding up better than the S&P 500, which is down 32% since reaching a record on Feb. 19.
Coronavirus-related weakness has already evicted two names from the thirteen-digit club: Amazon.com Inc. and Google-parent Alphabet Inc. Both rose above the threshold earlier this year but fell back below $1 trillion in late February.
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