The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Backtested performance is not an indicator of future actual results. 17.Īnd that is something not even Apple and Tesla could withstand.Disclaimer: The TipRanks Smart Score performance is based on backtested results. Has fallen 31% in 2022 and 17% since Aug. Concerns over the Federal Reserve hiking interest rates too aggressively and fears of a potential recession have caused stocks to drop. Of course, neither Tesla nor Amazon is immune to broader market conditions, and the markets have struggled this year. However, an argument could be made that investors are concerned about the demand for electric vehicles, with the delivery shortfall amounting to around 14,000 or 15,000 units. Wall Street said the shortfall was a result of logistical problems, rather than something more fundamental. Tesla stock slumped 8.6% after the company reported on Sunday that it delivered 343,830 cars and produced 365,923 in the third quarter, which was a jump compared with the 254,695 vehicles Tesla handed over to customers in the second quarter, but still below Wall Street estimates. 30, more than 6 percentage points fewer than its nearest competitor, Alphabet. And the stock held up much better than Amazon, Alphabet, Microsoft, and even Apple from Aug. The company’s chief executive officer, Elon Musk, is the richest man in the world and has been in the news a lot recently amid a legal battle over the sale of social media platform (TSLA), on the other hand, represents investors’ desire for a big bet that will pay off. It’s still outperforming the S&P 500 and other big tech stocks this year, but it’s doing its best to catch up-or down. Then, Bloomberg reported that Apple reversed plans to boost iPhone 14 production later this year on demand weakness, and the BofA Securities analyst downgraded the stock to Neutral from Buy. An analyst from Jefferies noted that new data led him to believe that iPhone 14 demand wasn’t as strong as expected in China. Then, more information about iPhone demand started to come in.
Initially, reports showed that demand for the phone was strong, specifically for the more expensive Pro and Pro Max models. It all started when the company revealed its newest line of products, including the iPhone 14, in early September. What changed? Apple has had a busy last couple of weeks that sent the stock lower.
Apple, in other words, is just another tech stock. Apple, Amazon, and Microsoft have all declined double-digits. But a lot has changed since that August peak.
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