Apple Investors Seek Signs Worst Is Over After Quarterly Slump
- Apple posts worst quarter relative to S&P since 2013
- Traders monitor support level near $165 to entice dip buyers
An Apple store in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
With Apple Inc.’s stock coming off its poorest quarterly performance relative to the S&P 500 Index in over a decade, traders are looking for signs that the worst may be over.
The 12% drop since the start of the year paid off for short sellers, giving them an incentive to unwind their bets. Technical analysts say the stock is flirting with levels where dip-buyers are likely to swoop in. And the lagging run may make Apple look cheap compared with the other big tech companies.