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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
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Tech stocks extend losses, valuations dented

02/08/2016 | 03:37pm EDT
Traders work on the floor of the NYSE

(Reuters) - Technology shares with lofty valuations, including those of midcap data analytics company Tableau Software Inc and Internet giant Facebook Inc, extended their losses on Monday following a gutting selloff in the previous session.

Shares of cloud services companies such as Splunk Inc and Salesforce.com Inc had also declined sharply on Friday. They fell again on Monday, dragging down the Nasdaq Composite index 2.4 percent to its lowest in nearly 1-1/2 years.

"I think we're in an environment right now of shoot first, ask questions later. That's the mentality of technology investors right now," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

"Any disappointment is being taken out to the woodshed."

These stocks had high valuations before the selloff on Friday, driven by years of hype that spending from enterprise customers was moving to big-data analytics and cloud computing.

"I think that what we see is a crisis in valuation for the highest multiple stocks, where valuations ... had been driven too far for thematic reasons, what investors perceived as the hottest growth areas," Avondale Partners analyst Randle Reece said.

The recent declines in the shares have come as some hedge funds have started to sell out of big exposure to the Internet services, software and retail sectors. Long-short hedge funds had taken notably overweight positions in these sectors late in 2015 as other areas of the market faltered while these stocks kept rallying.

Those industries dramatically underperformed the broader market last week, with losses of 7 to 12 percent; hedge fund exposures have been reduced, but funds have not yet unwound those positions, according to Credit Suisse prime services.

On Monday, Tableau shares fell another 10 percent to $37.28. The stock lost half its market value on Friday after the company cut its 2016 revenue forecast, citing increased competition.

"Is Tableau the canary in the coal mine on IT spending or is competition muddying the waters?" RBC Capital Markets analysts asked in a research note.

If Tableau, with its lower average selling prices, was finding it difficult to sell its products to enterprise customers, it could mean trouble for companies with more expensive products, RBC said.

However, the brokerage noted that companies like Microsoft Corp and SAP SE have reported strong demand.

Shares of Workday Inc, Teradata Corp and Hortonworks Inc, which declined on Friday, were down again on Monday, as were shares of Cornerstone OnDemand Inc and Qlik Technologies Inc.

Google-owner Alphabet Inc's shares were also down on Monday. Apple Inc shares were up slightly.

Adding to the gloom, IT services provider Cognizant Technology Solutions Corp forecast its slowest revenue growth in 14 years for the current quarter as clients rein in IT spending. Cognizant's shares fell 8.5 percent.

LinkedIn Corp had recovered a bit from a 43 percent drop on Friday that wiped out nearly $11 billion of its market value, but as the market weakened, shares fell again, and were lately down 0.7 percent.

The social network for professionals shocked Wall Street on Thursday with a revenue forecast that fell far short of expectations.

(Reporting by Sayantani Ghosh and Sweta Singh in Bengaluru and Lewis Krauskopf in New York; Editing by Ted Kerr, Saumyadeb Chakrabarty and Alistair Bell)

By Sayantani Ghosh and Sweta Singh


© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.90% 2270.67 Delayed Quote.29.56%
APPLE INC. 2.02% 132.995 Delayed Quote.0.23%
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION 0.61% 80.55 Delayed Quote.-2.31%
CORNERSTONE ONDEMAND, INC. -0.60% 44.97 Delayed Quote.2.72%
DJ INDUSTRIAL 0.89% 33800.6 Delayed Quote.9.28%
E.ON SE -0.48% 9.901 Delayed Quote.9.23%
FACEBOOK INC -0.18% 312.46 Delayed Quote.14.39%
GRAINCORP LIMITED 0.00% 5.37 End-of-day quote.28.16%
MICROSOFT CORPORATION 1.03% 255.85 Delayed Quote.13.86%
NASDAQ 100 0.63% 13845.05499 Delayed Quote.7.42%
NASDAQ COMP. 0.51% 13900.185309 Delayed Quote.7.85%
S&P 500 0.77% 4128.8 Delayed Quote.8.62%
SALESFORCE.COM, INC. 3.04% 231.28 Delayed Quote.3.93%
SAP SE 1.08% 112.3 Delayed Quote.4.74%
SPLUNK INC. 1.64% 142.27 Delayed Quote.-16.26%
TERADATA CORPORATION -2.59% 39.91 Delayed Quote.77.61%
WORKDAY INC. 0.22% 257.61 Delayed Quote.7.51%
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Financials (USD)
Sales 2021 333 B - -
Net income 2021 74 622 M - -
Net cash 2021 64 612 M - -
P/E ratio 2021 30,0x
Yield 2021 0,64%
Capitalization 2 233 B 2 233 B -
EV / Sales 2021 6,51x
EV / Sales 2022 6,19x
Nbr of Employees 147 000
Free-Float 99,9%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 47
Average target price 150,10 $
Last Close Price 133,00 $
Spread / Highest target 31,6%
Spread / Average Target 12,9%
Spread / Lowest Target -37,6%
EPS Revisions
Managers and Directors
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
Sector and Competitors
1st jan.Capitalization (M$)
APPLE INC.0.23%2 232 733
SAMSUNG ELECTRONICS CO., LTD.4.57%500 531
XIAOMI CORPORATION-22.59%82 930
WINGTECH TECHNOLOGY CO.,LTD0.96%18 507
MERRY ELECTRONICS CO., LTD.-8.87%982
HTC CORPORATION2.44%907