【why is cocoa bean mulch so expensive】Dow Claws Back into the Green, But Apple Shares Plunge in After-Market Trading
apple shares tim cook dow jones nasdaq
Thewhy is cocoa bean mulch so expensive Dow Jones Industrial Average and other major US stock indices closed in the green on Wednesday following another day of the sort of volatile trading that Allianz Chief Economic Advisor Mohamed El-Erian predicted will be the “
new reality
” for the stock market.
The
Dow
closed 18.78 points higher to end the first trading session of 2019, clawing back nearly 400 points in losses that it
shed
earlier in the day amid weak economic data from China and renewed concerns about the
ongoing trade war
between the world’s two largest economies.
dow jones chart
The
S&P 500
and
Nasdaq
also closed in the green, rising 0.13 percent and 0.46 percent, respectively. However, tech stocks took a dive following the closing bell when
Apple
published an investor letter slashing revenue guidance to $84 billion. Previously, the tech giant had
issued guidance
as high as $93 billion.
Writing in the investor letter, Apple CEO
Tim Cook
blamed China’s weakening economy for creating a cocktail of problems for the firm but noted that customers in other countries had also failed to upgrade to new iPhone models from older devices at expected rates, compounding its struggles.
He
wrote
:
While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.
Cook assured investors that Apple retained “strong” profitability and cash flow generation, stating that the company expects to exit the quarter with $130 billion in net cash. However, assurances were not sufficient to buttress the firm’s share price, which tanked once trading — which had been halted ahead of the announcement — resumed.
apple share price
As of 5:13 pm ET, Apple shares were down 7.23 percent to $146.50 in after-market trading. Just one hour prior, the stock had closed in the green, having risen 0.11 percent for the day to $157.92.
The impact of the guidance cuts spilled over into other tech stocks, as chipmakers
Nvidia
and
AMD
faced losses, as did prominent electronics retailers including
Best Buy
, whose stock is currently down 2.52 percent during the extended trading session.
Consequently, major US stock market indices could likely be eyeing losses when the opening bell strikes on Thursday morning.
Featured Image from Shutterstock. Price Charts from
TradingView
.
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Dow Claws Back into the Green, But Apple Shares Plunge in After-Market Trading
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