Apple looks most oversold in years after $200 billion selloff

Apple Inc. has struggled in 2024, and the recent weakness has the stock looking like it is the most oversold in years, analysts said.

Shares of the iPhone maker are down 14% from a recent peak and have dropped 12% this year, compared with a gain of 7.42% for the Nasdaq 100 Index. Apple shares have been pressured by concerns over iPhone sales in China and a fine from the European Union.

The stock fell 0.3% on Wednesday, its sixth straight negative session. The 7.2% decline over that six-day drop has erased more than $200 billion in market capitalization.