Investing.com – Apple Inc (NASDAQ:AAPL) closed on Monday with its longest losing streak since 1998, but with shares pointing to small gains in the pre-market, history had shown that the stock could be poised to gain 8%.
The California technology firm had fallen for four straight sessions before announcing what was the first slump in iPhone sales in the company’s history on April 26.
Apple’s stock continued to slide when billionaire activist investor Carl Icahn told CNBC on April 28 that he had sold off his entire stake in the company due to concerns over China.
Last week was the worst slump for the company’s stock since 2013 and Monday’s 0.11% slip meant that Apple had fallen eight consecutive sessions for the first time since July 1998 and only the fourth time in its history, erasing over $79 billion in market capitalization, according to a Bloomberg report.
But the rout could be coming to an end as Apple rose 0.37% in the pre-market on Tuesday.
Moreover, financial research and money management firm Bespoke Investment Group suggested that there may be a light at the end of the tunnel.
“While the next day and next week returns following eight-day losing streaks lean negative, the stock has been higher over the next month all three times for a median gain of 8.01%,” Bespoke was quoted by the news agency as saying.