Apple sales outlook hurts stock market

Nov 03, 2018 (Agencia EFE via COMTEX) —

Washington, Nov 3 (efe-epa).- A big drop in shares of Apple dragged major United States stock indexes into the red, breaking their three-session winning streak, according to a report by Dow Jones Newswires made available to EFE on Saturday.

The iPhone maker’s shares lost $14.74, or 6.6 percent, to $207.48 on Friday _ their biggest one-day percentage loss since January 2014 _ after the company gave disappointing guidance for the holiday quarter.

The declines threatened to push the company’s market value below $1 trillion and also spread to other big technology stocks, which had been hammered in October.

Apple’s tumble was responsible for about 100 points of the 109.91-point decline in the Dow Jones Industrial Average. Friday’s 0.4 percent dip brought the index to 25270.83.

Friday’s slump underscores the fragility of the US stock market’s recent rebound. After a crushing October that shaved more than $4.5 trillion from shares of companies in the US, Europe and Asia, the S&P 500 had risen more than 1 percent each of the past three trading sessions entering Friday. It still ended the week up 2.4 percent, its best performance since March.

The broad stock-market index shed 17.31 points, or 0.6 percent, to 2723.06 on Friday, led by the tech sector, which slumped 1.9 percent. The tech-heavy Nasdaq Composite posted steeper declines, down 77.06 points, or 1 percent, to 7356.99.

Apple’s results, released after the close of trading Thursday, showed the world’s most valuable company turned in another period of record revenue and profit _ its fourth-consecutive quarter doing so.

But investors seized on two points: Its revenue forecast didn’t portend explosive growth, and the company said it would stop reporting unit-sales figures for its three most recognizable brands, the iPhone, iPad and Mac.

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