Apple Shares Near Bear Market Territory
- Company has fewest positive analyst ratings among big tech
- Recent plunge may have made stock cheap by some measures
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Apple Inc. shares dropped into bear market territory Tuesday on concern consumers are no longer clamoring for its cornerstone product, the iPhone.
The stock closed at a record of $232.07 on Oct. 3. Since then it’s plunged more than 20 percent -- the official bear market threshold -- as multiple suppliers indicated the company is cutting parts orders for the latest iPhones. Apple earnings on Nov. 1 compounded concern when it reported flat unit growth and said it will stop disclosing how many smartphones it sells each quarter.