Apple Inc. and Tesla Inc. are the stocks to watch in coming days, as deeper losses for the investor favorites could herald retail capitulation. That’s according to Vanda Research analysts, who laid out their case in a note on Wednesday, as the iPhone maker struggled against a wave of selling.
“Sentiment and hard money data deteriorated further this past fortnight, significantly increasing the odds of a retail capitulation should the selloff deepen on fears of a worsening global crisis,” said Marco Iachini, senior vice president, Giancomo Pierantoni, head of data and Lucas Mantle, data science analyst at Vanda, in a note to clients. “Investors should follow price action from Apple and Tesla closely, as these two stocks may be the last bastions of hope for the retail community.” Apple stock fell 1.3% on Wednesday alongside chip stocks such as Nvidia Corp.
after Bloomberg reported the company will drop plans to boost production of its newest iPhones due to disappointing demand. Read: U.S. stocks surge without help from Apple for the first time in more than 2 years Year-to-date, Apple has lost 15%, while electric-car maker Tesla has dropped around 18%, with the S&P 500
21% lower as investors have been swamped by worries about a global recession caused by central bank monetary tightening, as a war in Europe has been pushing up commodity prices for months. In the VandaTrackWeekly note, the team introduced a new …