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Apple Looks Most Oversold in Years After $200 Billion Selloff
-- Apple Inc. has struggled in 2024, and the recent weakness has the stock looking like it is the most oversold in years, analysts said.Nikki Haley Ends 2024 Bid, Setting Up Trump-Biden Rematch. Egypt’s Devaluation and Record Rate Hike Put IMF Deal in Reach. Chemical Linked to Cancer Found in Acne Creams Including Proactiv, Clearasil. Stocks Rise, Bond Yields Fall as Powell in Focus: Markets Wrap. Shares of the iPhone maker are down 14% from a recent peak and have dropped 12% this year, compared with a gain of 7.42% for the Nasdaq 100 Index. Apple shares have been pressured by concerns over iPhone sales in China and a fine from the European Union.The stock fell 0.3% on Wednesday, its sixth straight negative session. The 7.2% decline over that six-day drop has erased more than $200 billion in market capitalization.“At some point this hate is going to be too much, and most oversold in six years seems like a good place to start,” Michael Toomey, head of TMT trading at Jefferies LLC, wrot
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