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Apple's Share Plunge Has Entered Record-Setting Territory The company had its first eight-day slump since July 1998, but investors have cause to believe a rebound is on its way.

By Ian Mount

entrepreneur daily

This story originally appeared on Fortune Magazine

Bloomberg | Getty Images
Apple CEO Tim Cook

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."

Ian Mount

Writer

Ian Mount is a writer for Fotrune.com.

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