Apple's Share Plunge Has Entered Record-Setting Territory

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Will be used in accordance with our Privacy Policy
Apple's Share Plunge Has Entered Record-Setting Territory
Image credit: Bloomberg | Getty Images
Apple CEO Tim Cook
2 min read
This story originally appeared on Fortune Magazine

Apple CEO Tim Cook may not have said anything new on his CNBC appearance Monday, but investors could still have reason to believe that the a share price rebound is coming soon.

Apple’s stock had already tumbled for four straight sessions when the company announced its first-ever drop in iPhone sales on April 26. Since then, the stock has dropped four more consecutive days, marking the first eight-day slump since July 1998 and only the fourth eight-day slump in the company’s history, Bloomberg reports. A total of $79 billion in market cap was wiped out over the run.

But not all the news is bad. In its “Chart of the Day,” the Bespoke Investment Group, a financial research and money management firm in Harrison, N.Y. notes that the previous dives have been followed by a big stock price run-up.

“[T]wo of the three 8-day streaks saw the stock fall on day 9 as well, but the stock has never experienced a losing streak longer than 9 trading days,” the firm writes. “While the next day and next week returns following 8-day losing streaks lean negative, the stock has been higher over the next month all three times for a median gain of 8.01 percent.”

As Bespoke notes, “Apple bulls would certainly love a bounce like that over the next month.”

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur

Entrepreneur Media, Inc. values your privacy. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site (both directly and through our partners). By continuing to use this site, you are agreeing to the use of that data. For more information on our data policies, please visit our Privacy Policy.