Apple Plunges 9% on Weak Forecast, Supply Chain Woes; Amazon Surges 14%
AAPL sits 50% above its 52-week low of $201.5.
Summary
Apple shares are down more than 9% Friday after a disappointing forecast and component shortages, deepening Thursday's post-earnings selloff. The decline follows a 6% drop on June 26 and comes despite a $100B buyback authorization. Amazon's 14% surge on strong cloud sales is offsetting some index weakness, but Apple's supply chain struggles and rising yields are weighing heavily on tech. The move reflects mounting concern over Apple's ability to meet demand amid persistent shortages.
At the time of this announcement, AAPL was trading at $302.08 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.4T. The 52-week trading range was $201.50 to $344.57. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.