Shares of Apple Inc.
closed down 6.6% on Friday after the company delivered a disappointing December-quarter forecast and announced that it would no longer provide unit-sales figures in its earnings reports. The drop, Apple’s worst single-day percentage fall since January 2014, left the company with a closing market value of just over $1 trillion, based on the 4.83 billion share count it disclosed in its most recent 10-Q filing in July, though Apple will likely disclose a lower share count in its forthcoming 10-Q for the September quarter. Apple’s decision to end unit-sales disclosures sparked debate among Wall Street analysts, and the report prompted price target cuts from Morgan Stanley and BMO Capital Markets, among others. Apple shares have gained 22% over the past 12 months, while the Dow Jones Industrial Average
of which Apple is a component, has risen 7.4%.
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