Surveying The Wreckage; AAPL Plummets To January 2012 Lows And Still Going

Tyler Durden's picture

AAPL's after-hours loss in market cap is greater than the market cap of one BlackRock, Starbucks, Target, Costco, or Nike. Down almost 9% from yesterday's close, AAPL is trading down to January 2012 levels (off 35% from its highs) and is now notably less capitalized than the entire European banking system. Of course, this has had serious consequences for the major indices that are trading after-hours (and futures). Futures traded down to the day-session lows before closing but QQQ are now trading at 6-day lows in after-hours...and as S&P futures reopen they are gapping down a little more.

QQQ...

 

After the initial spike (thank you Johnny-5), AAPL is now getting ugly ready to test under $460 handle...

 

which has pulled AAPL down to January 2012 levels... notice the difference in volumes from the upside when we were last here - compared to the downside - there appears plenty of sellers left.. and the $443 to $30 gap looks like it will get filled...

 

and just as AAPL implied vol has been compressed with the rest of the market - we would expect a reaction tomorrow when we open - and for all those downside call sellers - happy to 'buy' the stock 'cheap' at lower prices if called away - enjoy...

Which might help explain the systemic compression in vol recently... as complacency in the AAPL options skew remained extremely high...

 

and AAPL is now well below (widest gap since August 2011) the market cap of European banks...(even lower now after-hours)

 

Charts: Bloomberg