Apple Stock Plummets After Barclays Downgrade

Concerns over weak demand for devices and scrutiny over app store practices contribute to stock's significant drop.

Apple's stock fell nearly 3.6% to a seven-week low after Barclays downgraded the shares due to concerns that demand for its devices will remain weak in 2024.
Barclays is the second brokerage to have the equivalent of a 'sell' rating on the stock, which now has its most number of bearish recommendations in at least two years.
The downgrade stems from softening demand for the latest iPhone, as customers have less incentive to upgrade with limited new features.
Barclays also warned risks were mounting for Apple's services business, which has come under scrutiny in countries including the United States over app store practices.
The stock rout erased more than $100 billion of Apple's market capitalisation.