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.

  • Sky

    A combination of market saturation, heavy competition, and lack of bold, stand-out features means they’re lagging pretty badly. They’ll continue to lag until the next major iPhone (“7” or whatever the next full number may be), where they’ll likely bounce back, providing the phone is not just yet another specs bump. A second camera, vastly improved battery life, better use & more integration of different “touch” levels, a size (both in memory capacity and how it fits in your hand) improvement – any of these (or all of them? please?) and I believe Apple would regain everything it has lost and more.
    On the other hand, I don’t think they have much further to go before they reach peak iPad. Everyone, it seems, who wanted a tablet, has gotten one. There’s small ones, standard ones, and huge ones. There’s been no major “wow!” (other than size and the obvious guts improvement) development in iPad. The camera still tends to suck, and the battery life is laughable when doing any sort of multimedia tasking. Even for people who have multiple iPad devices (yes, I’m one of them), I see no reason to upgrade from the ones I have.
    I’m a late adapter of the Apple Watch (bought mine just after Christmas last year), and while I love it, again, unless they can wow me with the next upgrade, I’ll be holding onto it until it gives out. It’s a fantastic peripheral tool, and I love being able to make and receive calls on the go while my phone is in an inside jacket pocket (it’s cold up here in Canada!) or deep at the bottom of my purse or backpack. I love being able to screen and delete texts, e-mails and more from a screen on my wrist, and to send a quick pre-programmed response if one is needed. I love the Activity stuff (I will fight anyone who says FitBit is more fun), and having weather up there is nice, too. But at the same time – I have always worn a watch. I’m accustomed to having something on my wrist. And I was doing just fine without it. It’s enhanced my iPhone experience, but it wasn’t something I just HAD to have. It’s a trade-up from a regular watch/fitness wearable – if you didn’t already have one, you won’t get this one.
    Since I only have a Macbook Air, I can’t speak for the desktop division, but it seems all they do is bump up the specs once a year. They’re improvements, and good ones at that, but it’s missing anything new (other than a new charging port…don’t even start).
    Apple TV was a fantastic refresh, and I bought the new one on launch day, but they had tons of them. They overstocked. Demand just isn’t high enough for them. Caught between frustratingly limited cable contract packages and punishingly restrictive internet caps, many people don’t see the point of an external device. They have Netflix on their computer already. Some even have Smart TVs that have those services built-in. It’s fantastic to turn my TV into a mirroring device for my photos, music and videos, as well as streaming, but that tantalizing promise of gaming just hasn’t materialized yet, which I think killed it right out of the box.
    As I said, Apple isn’t going anywhere, and every improvement it makes is welcomed gladly, but it needs to introduce something new – not Apple telling us, “you must buy this improved product,” but the rest of us going “I just have to get this!” Show us the future, Apple. We’re ready!

  • kevinkee

    Drawing the trend from 2014, there is an increase of 18% in revenue, which raise the idea of anomaly from last year revenue. Hence, comparing year-to-year, though seems negative, does not deserve a conclusion that Apple is going down. Looking at the big picture, it is not as ‘bad’ as what media make it out to be. Electronic sales are down this quarter across the board, not only Apple but also other companies, yet their revenue number is still way ahead even with google, microsoft and facebook combined.