The current economic slowdown due to coronavirus pandemic has slashed the valuation of shares of many large organizations. Unfortunately, Apple also took the hit of this situation. Apple Inc’s market value fell below one trillion dollars when the trading opened on Monday. The only stock that was least affected was that of Microsoft Corporation and that too was at the 13-digit threshold.
Apple’s Market valuation falls under one trillion dollars
Apple shares dropped as much as 4.9% at 9:40 AM in the New York Exchange when the market value of the tech giant was reported at $960 Billion. The coronavirus pandemic has created havoc in the world, affecting not only health but economies as well.
Covid-19 Crisis impact Apple Share valuation
Apple has already expressed crisis due to the hampering of the supply chain due to the virus; now there is shut down in most of the countries in the world. People are not going out of their homes, so there would not be sales in the coming months as well. The stock slightly below 1 trillion on the final moments of trading on Friday.
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Experts Research Notes Details the Forecast
A research note by a market analyst mentions,
“Apple has closed all stores outside of China, though China has opened again. Many operators store in the U.S. and Europe are also closed. AT&T and T-Mobile announced they are closing 40% and 80% of stores even before the U.S. lockdowns were in place. We do not expect online sales to make up much of the loss; we believe online comprises only 10-15% of phone sales.”
Stocks on a downslide
On Monday, they fell close to 25 Percent as the coronavirus has wholly shattered the economy as of now. The economic activity is decreased massively, and thus the businesses are facing the aftermath of seemingly the biggest crisis of the present day. Microsoft shares also fell at 1.03 trillion dollars.
Amazon Fares Well in the Bear Market
Only Amazon AMZN shares were the only that outperformed the market in the bear market shares valuation increased on Monday with 3.1% to $1.902.83. The market cap of Amazon was valued at 924 Billion dollars.
Alphabet also underperformed
Even Google’s Share has not very well as it went down by 34 Percent in the current downtimes as its market cap falls to 700 billion dollars. The Google stock fell by 1.3 percent on Monday.