For the second time in three months, Apple’s market cap on Thursday briefly sank below that of Alphabet, Google’s parent company, as worries about the upcoming iPhone 7 intensified.
Apple’s stock, down nearly 30 percent over the past year, tumbled as low as $89.47 — its first dip below $90 since 2014 — after Japan’s Nikkei Asia Review said Apple is ordering fewer iPhone parts for the fall season than it did ahead of last fall.
Apple’s market cap has lost more than $100 billion over the past month, pounded by worse-than-expected iPhone sales and profits reported on April 26.
Alphabet shares also have taken a drubbing on disappointing results of late, but analysts are more bullish on growth prospects for Google’s online ad businesses.
Meanwhile, recently leaked photos claiming to show the design of Apple’s upcoming iPhone 7 show a gadget that doesn’t look much different f-rom the iPhone 6 and 6s models.
That’s further fueling fears that the iPhone 7 won’t be the blockbuster Wall Street was hoping for.
Late in the day, Alphabet shares sold off leaving Apple’s market cap marginally ahead — $494.8 billion,-to- $494.4 billion.
