Tim CookSource: Apple

What you need to know

  • Apple stock is plummeting in the face of the coronavirus outbreak.
  • On January 29 AAPL peaked at $327.85.
  • It has now fallen to as low as $257.

Apple's share price has plummeted over 20% from its record high on January 29 in the face of the coronavirus.

As reported by CNBC:

Apple shares tumbled into bear-market territory on Friday, now trading down more than 20% from their recent record on an intraday basis.

This makes the iPhone maker among the hardest hit members of the Dow Jones Industrial Average due to the coronavirus.

Apple hit an all-time high on Jan. 29, reaching $327.85 per share. On Friday, the stock traded down more than 4% around $261. At last count, that put it off 21% from its record.

AaplSource: iMore

Apple's stock price had previously endured a massive surge over the course of the last year, growing by more than 90% since January of last year. However, since the start of the coronavirus outbreak, AAPL has teetered and wobbled, and finally seems to be plunging following reports of delays to manufacturing and Apple's own revised guidance advising it will not meet its Q2 revenue predictions.

AAPL closed at $273.52 yesterday and opened as low as $257.42. It's currently sitting at $262.

As CNBC notes, everyone in the Dow is feeling the heat just now. All 30 Dow members are in "correction territory", down at least 10% from their 52-week highs. The biggest fallers are Exxon Mobil Corporation (down 41.0% from its 52WK High) and Boeing (down 37.11%).

Apple can really only take comfort in the fact that it's not the only one suffering, and that there are signs the coronavirus outbreak, at least in China, is starting to come under control.