Apple diehards who keep saying the stock “will come back” are going into hibernation today.
Shares of the gadget maker Friday are down another 1.3% Friday to $107.61 – knocking the stock down 20% from its recent high of $134.54. The breathtaking decline not only puts Apple into a bear market – defined by a 20% drop – but has obliterated a staggering $150 billion in shareholder wealth from the top.
Just to put that into perspective, Apple’s $150 billion decline is larger than 475 companies in the Standard & Poor’s 500 are worth. A drop this big is the financial equivalent of wiping out the market value of entire companies like Pepsico (PEP) at $145 billion, International Business Machines (IBM) at $133 billion and Nike (NKE) at $111 billion.