Apple’s stock drop would shave about 30 points off the Dow’s price

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Shares of Apple Inc. slumped 3.7% in premarket trading Friday, after the technology behemoth beat fiscal fourth-quarter profit and revenue expectations, while iPhone sales fell short of forecasts. The stock’s decline paced 26 of 30 Dow Jones Industrial Average components that were declining. The stock’s implied price decline would shave about 30 points off the Dow’s price, while Dow futures dropped 179 points, or 0.7%. Despite investor disappointment, Wall Street analysts were upbeat about Apple’s results, with at least 14 of the 40 analysts surveyed by FactSet raising price targets, while none have cut their targets.
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