Apple is the world’s most valuable public company, days from unveiling new software and hardware at WWDC, in the middle of its hottest iPhone cycle in years, and having just debuted its biggest iMac redesign in years. So all is good, then?
Well, apparently not. In fact, a report Friday notes that Apple stock on currently on track for its longest weekly losing streak in more than two-and-a-half years. Because the stock market works in mysterious ways.
A report from MarketWatch notes that:
“Shares of Apple Inc. edged up 0.3% in premarket trading Friday, but remained on track to suffer a sixth-straight weekly loss, ahead of the technology giant’s Worldwide Developers Conference (WWDC) next week. That would be the longest such loss streak since the eight-week stretch through the week ended Nov. 23, 2018. The stock needs to gain 0.9% Friday, to at least $124.61, to snap the weekly loss streak.”
At time of writing, it’s trading at $123.54. The report notes that one reason for the decline may be the Apple vs. Epic Games trial, and general concerns about Apple’s monopolistic App Store practices.
Whether that’s actually the reason isn’t 100% clear, though. Of all the tech giants, Apple is seemingly in the best position to thrive during the current tech backlash. It’s not this year announced that its iconic CEO is stepping down, as Amazon has. It’s not been mired in data privacy controversy as has Facebook. And so on and so forth. But, nonetheless, it’s this year been the worst performer as far as Big Tech is concerned, stock price-wise.
Do I understand it? Not really. At least since Tim Cook took over Apple a decade ago, there’s been a certain vocal minority of analysts who predict, constantly, that Apple’s best days are behind it and it’s reached the peak, ready to decline. Then Apple hit $1 trillion in market cap. Then $2 trillion. Now some are predicting $3 trillion.
There are certainly reasons to be cautious about tech right now as the pandemic year boom subsides for some companies, and the global chip shortage causes problems. But Apple’s weathered far, far worse. And, let’s not forget: We’re not too far away from the iPhone 13, a device that Apple sounds very, very excited about.