Apple’s 2-Day Slide Nears $200 Billion on China IPhone Curbs
- Shares tumble for second day, now below 100-day moving average
- Effects of this iPhone ban is way overblown: Wedbush
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Apple Inc. shares fell almost 3% Thursday, wiping out nearly $200 billion of market value in just two days, as China plans to expand a ban on the use of iPhones to government-backed agencies and state companies.
Shares of the Cupertino, California-based company dropped 6.4% in the worst two-day slump in a month. Apple is the biggest component in major US equity indexes, adding to a broader selloff sparked in part by a litany of woes in China.