Good News Apple Bulls: Today's $60 Billion Market Cap Loss Is Not The Biggest One Day Drop In History
Apple lost a remarkable $59.63bn in market cap today sending even the most ardent of bullish sell-side analysts scrambling for cover. However, there is a silver-lining, this is not (as many expected) the greatest market cap loss ever in history in one day for any company - it is in fact 3rd!! The holder of the Number 1 and Number 2 spot is none other than AAPL's awful analog - Microsoft (which is itself having a tough night). MSFT lost an enormous $77.18bn on 04/03/2000 and then 3 weeks later followed it up with another epic $61.81bn drop on 04/24/2000. As AAPL drops perilously close to losing the top spot of global market caps to XOM, we note that even that prestigious name had a 'moment' when it lost $52.5bn in a single-day on 10/15/2008. So, good news all around then.
Will Apple ever see those loft heights again?
Exxon Mobil is still struggling to regain the levels it was trading at before the big loss...
Microsoft never regained the levels it was trading at before these epic losses...
It was a mere 5 months ago (3 weeks before the top) that we warned of AAPL's human-nature-based exuberance and its similarities to MSFT... the MSFT to AAPL analog continues to play out... more of a drop to come, a bounce then the real plunge to $300?