Apple stock suffers longest loss streak in 18 years

By

iphone stocks app
Apple shares are taking a dive.
Photo: Ste Smith

Apple’s meager Q2 2016 earnings report is continuing to wreak havoc on the company’s stock price, leading to the longest streak of losses since 1998.

Shares of Apple dropped 0.10% down to 93.64 today, marking the eighth straight day of losses for the iPhone maker. Last week Apple reported that its revenue declined year-over-year in the last quarter for the first time in 13 years. Ever since Wall Street has been eager to sell its shares.

The last time Apple stock suffered 8 straight days of losses was on July 27th 1998, back when Steve Jobs was still trying to save the company from the brink of bankruptcy.

During the losing streak AAPL shares have lost more than 13% of their value. Even mega-investor Carl Icahn decided to dump his shares after making more than $3 billion of the stock over the last three years.

Tim Cook is slated to appear on the popular CNBC investment show ‘Mad Money’ with Jim Cramer today at 6PM ET. Cook made an appearance on the show last year to talk about ResearchKit and Apple’s competition, however, Apple’s slumping stock price is likely to be the focal point of tonight’s conversation.