Apple's stock hits a five-month low, the dormant Chinese economy is to blame
Yesterday, we passed on the news that HTC's stock price has plummeted to a ten-year low, and one of the reasons for this financial disaster was the dormant Chinese market, which is affecting almost everyone right now.
Even if you're soaring at the top of the food chain, you're still not immune to the ever-changing market status quo. Ask Apple if you don't believe us - despite reaping the larger amount of profits in the smartphone industry, Apple also felt the slowdown in the enormous Chinese economy.
Cupertino's shares fell 2.1% and lost $2.53 of their value. Cupertino closed Thursday with a share price of $120.06, which is the lowest level since February 9. That's far from the all-time high level of $134.54 per price that was reached on April 28.
What does this mean? Well, provided that China has been one of the staples in Apple's recent financial triumph, a dormant Chinese market would certainly raise a few flags over at Cupertino.
source: CNBC, Yahoo Finance