Apple stock slumps toward lowest close in 18 months, worst yearly performance since 2008

Telos Corp

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Information Technology : Software | Small Cap Growth

Company profile

Telos Corporation is a provider of cyber, cloud and enterprise security solutions. The Company operates through two segments: Security Solutions and Secure Networks. The Security Solutions segment focuses on cybersecurity, cloud and identity solutions through Xacta, Telos Ghost, Automated Message Handling System (AMHS) and Telos ID offerings. The Secure Networks segment provides secure networking architectures and solutions to its customers through secure mobility solutions and network management and defense services. The Secure Networks segment has its capabilities, which include network design, operations, and sustainment; system integration and engineering; network security and compliance; deployable comms; innovation and digital transformation; service desk; defensive cyber operations, and program management. Its customer base consists of the United States (U.S.) federal government, large commercial businesses, state and local governments, and international customers.

Apple stock slumps toward lowest close in 18 months, worst yearly performance since 2008

2:04 pm ET December 27, 2022 (MarketWatch) Print

Shares of Apple Inc. (AAPL) slumped 1.7% in afternoon trading, enough to pace the Dow Jones Industrial Average's decliners, as they flirted with their first sub-$130 close in 18 months. The stock was headed for a new closing low for the year, below the previous low of $130.06 on June 16, 2022, and the lowest close since June 15, 2021. Weighing on the technology behemoth's stock were fears of a COVID surge in China, where a lot of components for Apple's products are made, after China-based electric vehicle maker Nio Inc. (NIO) lowered its delivery outlook amid COVID-related production challenges. Apple's stock has tumbled 12.4% in December, putting it on track for the weakest monthly performance since it shed 12.8% in May 2019, and the first December drop since 2018. It has also slumped 27.0% in 2022, which would mark the worst yearly performance since it plunged 56.9% in 2008 during the financial crisis. The stock's weakness this year compares with the 33.8% drop in the Nasdaq Composite and the 8.5% dip in the Dow.

-Tomi Kilgore

(END) Dow Jones Newswires

December 27, 2022 14:04 ET (19:04 GMT)

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Apple stock slumps toward lowest close in 18 months, worst yearly performance since 2008