Apple's stock is getting destroyed and it's dragging the market into the red
Brian Snyder/Reuters
As of 9:36 a.m. ET, shares of the tech giant were down just over 7% at $96.95. This also mean that Apple has lost around $40 billion of its value, as highlighted by Business Insider's Matt Rosoff.
The company missed expectations for revenue and earnings yesterday, posting its first year over year drop in revenue since 2003.
This drop is in fact dragging the rest of the market down as well. Apple's weighting in the Dow Jones Industrial Average means that it is shaving 50.67 points off the index.
The current Dow divisor is 0.14602, which means that a 1-point move in any Dow stock moves the Dow by 6.8484 points. So if you want to calculate how many points a Dow stock is adding to or subtracting from the Dow, use this formula:
(Dollar change in stock price) x 6.8484 = (Point change in the Dow)
Apple's down $7.40. So:
-7.40 x 6.8484 = -50.67 points
The total index is off a little over 9 points at this point, so without the Apple move it would be positive.
Google Finance
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh