5:31 p.m. | Updated
Shares of Apple traded for more than $700 last year, but they have tumbled and analysts are trying to understand why, Nick Wingfield and Nathaniel Popper write in The New York Times.
Apple’s share price fell nearly 2.7 percent on Thursday, bringing the damage since late September to 44 percent. (They closed Friday with another loss, down 0.4 percent.)
No one really knows the reason for the slump. Yes, Apple is slowing, as companies inevitably do. But Apple remains enormously profitable and the envy of corporations worldwide.
And yet Apple’s decline in the stock market has been so swift and so brutal that the development has begun to change the way investors view the company. Apple no longer looks like a sure thing.
It is a remarkable turn in one of the standout stock market stories of recent years. Only seven months ago, Apple’s share price raced above $700 to a record high, making Apple the most valuable company on the planet. By Thursday, the stock had sunk to $392.05, closing below $400 for the first time since late 2011.