Apple Inc. shares (AAPL) are down 5.6% in Monday trading, putting the company on track to end the session with a market value below $1 trillion for the first time since Oct. 8. The company's intraday market value stands at $961.8 billion, according to FactSet data. Instinet analyst Jeffrey Kvaal reduced his price target ( ) on Apple's stock earlier in the day, writing that the company faces severe demand issues due to the outbreak of COVID-19, the disease brought on by the novel coronavirus. For Apple to close with a market value below $1 trillion, its stock has to end the day below $228.54. Microsoft's market value remains above the trillion-dollar mark, at $1.04 trillion Monday morning. Apple's stock has lost 30% over the past month, as Microsoft's has decreased 24% and the Dow Jones Industrial Average has declined 36%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 23, 2020 11:23 ET (15:23 GMT)
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