Apple shares bounced back Thursday, but losses since its record highs remain sharp.
The stock has fallen 9% since that September peak, shedding roughly $229 billion in market cap. That’s equivalent to the market cap of 94% of the S&P 500 companies. Most recently, the shares dropped on reports it would cut iPhone production in response to a shortage of chips.
Nancy Tengler, chief investment officer at Laffer Tengler Investments, has been a long-term holder of the name.
“We became shareholders in 2013 when the yield on the stock rose above 3% which was also well above the yield on the 10-year, and we did that because we liked the services model and we thought that was being undervalued by the market,” Tengler told CNBC’s “Trading Nation” on Wednesday.