Apple's $62B hit is bad…but it's not the worst

Wall Street was left unimpressed. Despite beating earnings estimates on Tuesday evening, Apple's stock has sunk in after-hours trading and is on course to write a new page in the history books.

The stock dipped to around $120 a share immediately after Tuesday's report with fears over the demand for its high-end smartphones. The reaction was the worst seen since its January 2014 earnings release.

It also briefly fell below its 200-day moving average Tuesday and Apple hasn't closed below this metric since Sept. 17, 2013. At its lowest point on Tuesday evening, it effectively wiped $62 billion off its market capitalization, which stood at $753 billion at the close.

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This size drop is similar to the entire market capitalization of Priceline Group or German automaker BMW.

In January 2013, Apple lost a remarkable $59 billion in market cap, meaning Tuesday's after-hours fall set an unwarranted milestone.

The stock was trading at around $124.25 early on Wednesday, having pared some losses. However, experts have been delving into the archive and it appears there's some signs that Apple could take comfort from.

The drag it could have on the S&P 500 Wednesday is currently not near a record, according to Howard Silverblatt of S&P Dow Jones Indices. He explained that Microsoft lost $82.2 billion on April 3, 2000, after news that a federal judge ruled it violated antitrust laws.

"Let's hope Apple comes nowhere near that level (which would be a $14.27 decline, with an index impact of 9.31 points)," he said in a note late Tuesday.

Traders cited a disappointing fourth-quarter forecast for the iPhone maker as the reason behind the fall, alongside it missing targets for the amount of handsets it sold.

Michael Yoshikami, founder & CEO at Destination Wealth Management, told CNBC Wednesday he believed the earnings report for Apple wasn't as bad as the stock plunge implied. He added that he saw "opportunities" at its current price.

BMO Capital Markets has even raised its earnings-per-share outlook on the company.

"Apple delivered a very good quarter against high expectations," it said in a note on Wednesday morning.

Correction: An earlier version misstated when Apple's stock fell below its 200-day moving average. It was Tuesday.