From the Wall Street Journal ($): Apple Shares Pull Down U.S. Stock Indexes:
Apple’s results, released after the close of trading Thursday, showed the world’s most valuable company turned in another period of record revenue and profit—its fourth-consecutive quarter doing so.
But investors seized on two points: Its revenue forecast didn’t portend explosive growth, and the company said it would stop reporting unit-sales figures for its three most recognizable brands, the iPhone, iPad and Mac…
Apple’s declines put the rest of the tech sector under pressure. Netflix and Intel fell more than 2%; Google parent Alphabet dropped more than 1%; and Facebook shares declined less than 1%. Netflix and Alphabet shares had posted double-digit declines over the past month as investors soured on many highflying growth stocks.
My take: I blame the algorithms.
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