This Wednesday, CEO Tim Cook announced that Apple’s fourth quarter revenues would fall far short of his previous forecast––chiefly because of flagging sales in China. Predictably, the iPhone-maker’s shares tanked the next day, swamping all the major indexes in its mighty wake. Since its peak in early October, Apple has shed $390 billion in market capitalization, or 36% of its value. That means the former trillion-dollar behemoth, which Wall Street almost universally praised as fully deserving to reach that milestone, would now need to see its shares climb 52% to regain that 13-figure status.
Even at its apex, Apple (aapl, +4.14%) was lauded as a great value stock, boasting a modest price-to-earnings valuation and a history of big stock buybacks. Now that it’s more than one-third cheaper, you’d think Apple would qualify as a screaming buy.