The tech giant’s market value loses more than $65 billion after Q3 results release

Apple Inc. stock took a plunge after the company reported fiscal third-quarter results that included a lukewarm financial outlook.

Though iPhones are still in demand, the company’s loss shaved off about 3.6 points from the S&P 500, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

The Nasdaq Composite COMP, -0.70% fell 36.35 points, or 0.7% to 5,165, as Apple, its heaviest-weighted stock, slid 4.2%.

The Dow Jones Industrial Average DJIA, -0.38% dropped 68.25 points, or 0.4%, to 17,851.04. Apple’s stumble contributed to 36 points of the Dow’s drop.

In addition, Apple’s plunge dragged the entire technology sector along with it to a 1.6% drop, as investors dumped tech stocks following the earnings misses reported by not only Apple, but Microsoft as well.

 

So, is there room for optimism? Analysts, for the most part, looked beyond the immediate disappointment and remain positive, even after investors knocked more than $65 billion off the company’s market value. Only one of 20 brokerages that issued reports assessing Apple’s earnings cut its rating on the stock. Of the rest, 15 kept their “buy” or equivalent rating and four a “hold”.