Mega-investor Carl Icahn gives up on AAPL

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Apple shares are taking a dive.
Apple shares are taking a dive.
Photo: Ste Smith

Apple’s biggest cheerleader on Wall Street, Carl Icahn, is getting rid of all of his AAPL shares after the iPhone-maker reported its first year-over-year decline in revenues for the first time in 13 years.

The iconic investors has insisted for years that Apple shares are grossly undervalued and has made over $3.4 billion investing in Apple. Now Carl is throwing in the towel even though he still thinks the stock is ridiculously cheap.

Apple stock plummet erases $40 billion in market cap

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Apple shares are taking a dive.
That's a drop the size of Netflix, by the way!
Photo: Ste Smith/Cult of Mac

Following yesterday’s disappointing (but inevitable) Apple earnings call, shares in the company fell by more than 8 percent in after-hours trading. For those keeping track at home, that means that Apple’s market value plummeted by upwards of $40 billion — or the equivalent of the entire market value of Netflix.

Fortunately, things are recovering slightly and stock is currently trading down 6.55 percent priced $97.80.

Liveblog: Apple’s toughest earnings call in a decade

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Earnings_Call_2
How bad is peak iPhone?
Photo: Ste Smith

Apple earnings calls are usually a time for celebration and gloating, but for the first time in over a decade the company is poised to post declining profits.

Tim Cook warned Wall Street that this would likely happen due to declining iPhone sales. Have we really reached “peak iPhone”?

Analysts and reporters will be grilling Cook and Apple CFO Luca Maestri during today’s Q2 2016 earnings call. Investors will be looking for signs that Apple still has room to grow. And Cult of Mac will be right here, liveblogging the entire Apple earnings call — and translating the financial gibberish — when the big event starts at 2 p.m. Pacific.

Get in on the action below:

Our WWDC 2016 hardware hopes and iPad Pro’s ‘practically perfect’ display on The CultCast

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What do you want to see unveiled at this year's Worldwide Developers Conference?
Photo: Apple

This week on The CultCast: Why the new iPad Pro screen is “practically perfect”; stories from The Cult of Mac; our most anticipated WWDC 2016 announcements; a look at Apple’s newly updated MacBooks; Apple’s secret plan to create hit TV shows; and, have you ever wondered how rich you’d be if you invested in Apple’s IPO instead of buying its computers? We break down the numbers.

Our thanks to Freshbooks for supporting this episode. FreshBooks is the easy-to-use invoicing software designed to help small-business owners get organized, save time invoicing and get paid faster. Get started now with a 30-day free trial.

What a $1,000 investment in Apple in 1996 looks like today

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money
Note to self: always bet on Apple.
Photo: Ste Smith/Cult of Mac

As a tech fan, there are plenty of times — particularly when you hear about billionaire investors and record-breaking stock prices — when you wonder whether you would have had the foresight to predict things turning out the way they have.

Would you have bet big on Apple around the time of its 1980 IPO? Was it obvious that Steve Jobs was going to turn around the company in 1997? Or would you have been the equivalent of folks calling the Titanic an unsinkable ship, and pouring your life savings into pre-crash dot-com companies?

An amazing new data-viz shows how the returns on a $1,000 investment made in Apple, Microsoft and IBM would have fared over the next 20 years following January 1, 1996. Check it out below: