Apple stock hit with biggest drop since 2013

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

Apple’s Q2 2016 earnings have been disasterous for the company’s share price, as AAPL stock suffered its worst week in three years.

Wall Street has suddenly soured on Apple, including Carl Icahn, who revealed earlier this week that he dumped all of his shares. With investors offloading shares, the company watched its market capitalization shrink by $65 billion in a mere three days, which is about the equivalent of Cambondia’s net wealth. 

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.

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Here’s definitive proof of Apple’s legendary reality distortion field

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What AAPL stock looked at close Monday.
What AAPL stock looked at close Monday.
Photo: Finviz

You might remember that on Monday, AAPL stock had a bit of a bad day before rebounding. It wasn’t just a bad day for Apple stock, though: Fueled by fears of a total collapse of the Chinese stock market, the whole S&P 500 collapsed that day.

In the first 24 hours, only Apple rebounded. It’s proof positive of Apple’s fabled “reality distortion field.”