Published on 23 Apr 2024 on Zacks via Yahoo Finance
Apple Inc. AAPL has been an underperformer this year, with a year-to-date loss of 10.7%, underperforming other mega-cap technology companies. Its lesser exposure to AI within the “Magnificent Seven” group and concerns over the sales growth of iPhone in the key China market can be held responsible for this lackluster performance.
Plus, rising rates have played a role in pushing the stock down in recent trading. Apple's stock recorded a 3.4% drop over the last five days. Apple is expected to come up with 2Q24 earnings results on May 2. Just prior to the earnings release, the stock is caught between bullish and bearish commentaries from Wall Street watchers.