Apple Inc.âs late-day rally ended just shy of positive territory Monday, giving the stock its longest losing streak in 18 years.
The technology giantâs shares closed down 0.1%, paring earlier losses of as much as 1.4% at the intraday low of $92.40, to suffer an eighth-straight loss. That is the longest losing streak for Apple
Â since an eight-session stretch that ended July 28, 1998, according to the WSJ Market Data Group.
To put that in perspective, Apple released its first iMac personal computer more than two weeks later, on Aug. 15.
Shares have tumbled 13% since last gaining ground on April 20âthey ticked up 0.2% that dayâincluding a 6.3% plunge on April 27 after Apple reported disappointing quarterly results.
In the 12 sessions since it peaked at a four-month high of $112.10, Apple stock has suffered 11 losses and has plunged 16%. In comparison, the Dow Jones Industrial Average
Â has slipped 0.2% over the same time, while the SPDR Technology Select Sector exchange-traded fund
Â has shed 4.7%.
It hasnât helped that activist investor Carl Icahn, a longtime supporter of Apple who had helped pressure the company into returning some of its cash hoard to shareholders through share buybacks and dividends, said last week that he dumped all of his Apple stock. The latest regulatory filings show that he owned 45.8 million shares as of Dec. 31, according to FactSet.
Appleâs stock made a valiant attempt to snap the losing streak. With two hours left in the trading day, the stock was down 1%. It made a steady climb to turn positive late in the session, being up as much as 0.2% within 15 minutes of the close, before the comeback failed.
As Maxwell Smart of âGet Smartâ might have said, missed it by that much.
If the stock drops on Tuesday, the nine-session losing streak would be the longest since the nine-session stretch ending June 14, 1991.