Apple (AAPL) is the poster child of this market crash. It took a market meltdown to help expose just how overvalued the stock was. The question is how much lower can it fall. Shares of the gadget maker closed down another $2.47, or 2.5%, to $97.05 Friday — capping off what’s been a breathtaking 28% decline from the stock’s high last year. Apple’s fall will go down as one of the biggest wealth destroyers in recent market history – shredding $218 billion in market value from the market’s high on May 21, 2015 adjusted for stock buybacks. That’s more than the entire market value of roughly 485 stocks individually in the Standard & Poor’s 500.
Apple is the most widely held stock by consumers — so it is the market to many. By that measure, Apple’s shares are a disaster amid this latest market downturn. Apple — by far — has accounted for more of the market value lost in this market decline than any other. Energy pipeline company Kinder Morgan (KMI) is the second biggest wealth destroyer — but it only wiped out $63.5 billion from the high. FULL REPORT
