Apple stock is on its longest losing streak since January 2022

Apple has lost roughly $122 billion – more than the entire market value of Qualcomm – over the last six trading sessions. Apple stock is on its longest losing streak since January 2022. The stock, off another 1.47% today, has fallen about 4% over the past six down sessions.
Emily Bary for MarketWatch:
‎

UBS analyst David Vogt wrote earlier this week that demand for Pro-level iPhone models has been declining relative to last year, based on his analysis of wait times in various countries.
In the U.S., wait times for Pro phones have fallen to 20 days, whereas they were at 27 days at this point last year.

‎
MacDailyNews Take: Meaningless, of course, without knowing how much supply Apple had last year and has this year, neither of which Vogt, or anyone outside of Apple’s C-suite, knows.

Amit Daryanani of Evercore ISI was a bit more upbeat based on his own look at Pro lead times, which “have been somewhat mixed,” in his view. He saw stable trends in the U.S., China and Japan relative to last week, while lead times in the U.K. and Germany fell by seven to nine days on average.
“The data points continue to point to stable demand for the iPhone 15 Pro and Pro Max models vs. a year ago across most geographies, while the lower-end models’ lead times saw big contractions this week,” he wrote.

‎
MacDailyNews Take: As always, don’t get mad, get rich: Profit from the fomenting!
Be fearful when others are greedy and to be greedy only when others are fearful. – Warren Buffett
‎
Treasured interns, please, please, please perform your scared duty and Tap That Keg! Prost, everyone!