Apple (AAPL) shares fell significantly for the second day Tuesday — bringing investors' paper losses to staggering levels and putting the stock further into correction territory.
Shares of Apple finished down $3.80, or 3.2%, to $114.64 in regular trading Tuesday, meaning they've fallen more than 14% since hitting their high of $134.54 on April 28. Given the massive size of Apple's market value, this sell off is enormous in that it has wiped out $113 billion in paper wealth. The sell off essentially erases more than the entire market value of corporate giants including Nike (NKE) at $98 billion or McDonald's (MCD) at $95 billion, separately.
It's the stock's third five-day losing streak in the past month, knocking the stock down 7% in just that time, says Bespoke Investment Group. The stock is down further from its average price the past 50 days than it has been in 12 years, Bespoke says.