Shares of Apple sank below $90 for the first time in nearly two years on May 12, 2016, ceding the title of the world’s largest company by market valuation to Google. With investors souring on the outlook for sales of its market-leading iPhones and iPads, and no new blockbuster consumer electronics product in its offerings, Apple shares fell 3.3 percent to $89.47 in morning trade Thursday, before rebounding slightly back above the $90 threshold.
/ AFP PHOTO / DON EMMERT
NEW YORK, United States (AFP) — A hefty drop in Apple shares left the Nasdaq in the red Thursday, but higher oil prices helped keep the Dow in positive territory.
Apple briefly ceded its crown as the world’s biggest publicly traded company to Google parent Alphabet during the session, but managed to edge out Alphabet at the end of trade.
But Apple still finished down 2.4 percent on worries about declining iPhone sales and the lack of a winning new gadget to ignite further growth.
The Dow Jones Industrial Average added 0.1 percent at 17,720.50.
The broad-based S&P 500 was down less than 0.1 percent at 2,064.11, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 4,737.33.
Two of the strongest stocks in the Dow were ExxonMobil and Chevron, which both gained 1.0 percent as US oil prices rose to a new peak for 2016.
Agricultural giant Monsanto jumped 8.4 percent after Bloomberg reported that Bayer officials were mulling a bid for the US company. A separate report by StreetInsider.com said German chemical giant BASF might also make a bid.
Department-store chain Kohl’s slumped 9.2 percent as it reported that first-quarter net income dived 86.6 percent to $17 million. The results came on the heels of disappointing earnings announcements from Macy’s, Gap and other retailers.
Ralph Lauren bucked the negative trend for apparel companies, rising 2.8 percent after reporting fiscal fourth-quarter net income of 88 cents per share, five cents above analyst expectations.
Restaurant chain Jack in the Box surged 15.2 percent after reporting that second-quarter net income rose 24.7 percent to $26.7 million.
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