Apple in Long Losing Streak

By Leslie Josephs 

The last time Apple Inc.'s shares fell for this many sessions you may have been coveting a candy-colored iMac.

Shares of the iPhone-maker fell 0.1% Monday to $93.64 each for an eighth consecutive session of losses, Apple's longest losing streak since July 1998, according to WSJ Market Data Group. Apple stock last had a nine-session slide in June 1991.

The latest decline came on the heels of the company's announcement last week that iPhone sales fell for the first time ever in a quarter and revenue fell for the first time since 2003.

The eight-day decline wiped out $73.89 billion in Apple's market value.

Technology stocks in the S&P 500 have shed 5.7% from a month ago, making tech the biggest laggard in the index, which itself has posted a 0.4% gain over that period.

The move has taken an especially large bite out of technology-focused exchange-traded funds, in which for many, Apple is the top holding. In all, Apple is the top holding in 75 ETFs, according to Morningstar.

The decline came in the face of a strong day in the stock market, with U.S. stocks posting their biggest one-day advance in more than two weeks, putting the Dow industrials and S&P 500 within 2.3% of their records.

A representative for Apple didn't respond to a request for comment.

Apple's quarterly revenue decline ended a great run for the world's most valuable company and stoked questions about whether its best days are behind it.

The company has struggled to maintain the sales surge that followed the introduction of its larger-screen smartphones in late 2014. The 2015 successors to those models haven't generated as much enthusiasm from consumers.

--Daisuke Wakabayashi contributed to this article.

(END) Dow Jones Newswires

May 02, 2016 21:21 ET (01:21 GMT)

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