Apple hits 7-week low after Barclays downgrade on demand concerns
- Apple’s shares rose nearly 50 per cent in 2023, hitting a record high in mid-December in a year when Big Tech firms led the markets
- The company has been grappling with a demand slowdown since early last year and has forecast holiday-quarter sales below Wall Street estimates
Apple on Tuesday fell nearly 3.6 per cent to a seven-week low after Barclays downgraded the shares of the world’s most valuable company on concerns that demand for its devices, from the iPhone to the Mac, will remain weak in 2024.
Barclays is the second brokerage to have the equivalent of a “sell” rating on the stock, which now has its most number of bearish recommendations in at least two years, according to LSEG data.
The stock accounts for a hefty 7 per cent of the S&P 500’s market weight – the broader index was dragged 0.56 per cent lower on Tuesday.
Apple rose nearly 50 per cent in 2023, hitting a record high in mid-December in a year when Big Tech companies led the markets.
Apple has been grappling with a demand slowdown since early last year and has forecast holiday-quarter sales below Wall Street estimates. Its performance in China has also been a worry after the revival of local rival Huawei Technologies.
