Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
  Report
Delayed Quote. Delayed Nasdaq - 10/23 04:00:00 pm
115.04 USD   -0.61%
09:51aSAMSUNG'S LEE : tainted titan who built a global tech giant
RE
09:36aSamsung Heir Takes Reins of Tech Giant Stuck in His Father's Past
DJ
09:15aThe Case for a $700 Smartphone
DJ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Tech ETF outflows send a wake-up call after sizzling rally

share with twitter share with LinkedIn share with facebook
09/25/2020 | 07:00am EDT

LONDON, Sept 25 (Reuters) - Passive investors, the backbone of the Nasdaq's rally this year, seem to have lost their nerve, pulling massive amounts of cash in recent days from index-tracking technology funds in what many see as an ominous sign for the sector.

With the tech-heavy Nasdaq 100 down more than 13% after a record 84% rally off March lows -- in correction territory -- many investors are speculating that a reversal could pick up speed as a COVID-19 vaccine gets closer.

Goldman Sachs, for example, predicts at least one vaccine will be approved by the end of this year. That should help broader markets but weaken the case for shares in companies that benefit when people are forced to stay home, whether cloud computing or e-commerce.

But exchange-traded funds, which accounted for most of this year's tech sector inflows, may be the ones to watch. In the week ending Sept. 23, tech-focused ETFs suffered $1.23 billion worth of outflows, the largest since December 2018, when global stock markets tanked, according to Lipper data.

September is also the first month of outflows for the tech sector since the COVID-fuelled market selloff in March.

The figures are significant because ETFs such as the Invesco QQQ ETF tracking the Nasdaq have taken some $20 billion between January and July, according to Reuters calculations based on data from Refinitiv and Wisdom Tree.

The other reason to watch ETFs is that flows data is available faster compared with mutual funds.

"We think the latest pullback in U.S. equities, from frothy levels, is a chance for investors to diversify their allocation to those parts of the equity market so far left behind, which could benefit Europe," said Maneesh Deshpande, a U.S. equity strategist at Barclays.

For instance, the QQQ fund posted record $3.5 billion outflows on Monday amid a Nasdaq slump, then got $4 billion the following day as sentiment recovered, notes Peter Garnry, head of equity strategy at Saxo Bank.

He said the QQQ volatility pointed to "widespread speculation in U.S. technology stocks and that this is increasingly becoming the leading index for sentiment."

Data from other ETF service providers also show outflows. On a three-month rolling basis, the most active ETFs tracking the U.S. technology and growth sectors saw $1.7 billion of outflows, the first negative reading this year, according to Wisdom Tree.

Making up around a third of the benchmark S&P 500 index , U.S. tech stocks have been the ultimate pandemic beneficiaries, especially so-called FANGMAN - Facebook, Apple, Netflix, Google , Microsoft, Amazon and chipmaker Nvidia.

Money poured in to chase the out-performance of technology shares. Total net assets for a group of technology focused ETFS nearly doubled to $113 billion at the end of August from $64 billion a year ago, according to Morningstar data.

U.S. tech mega caps are down more than 13% from a September peak and account for nearly half of the S&P 500 decline over that period.

Still, valuations are hovering near 22 times forward earnings for the S&P 500 index, the highest since the dotcom bubble in early 2000. Multiples of some tech stocks are as high as 100 times forward earnings.

But some, such as Sumant Wahi, a portfolio manager at Fidelity International, believe this is a temporary correction: "I think the market is digesting some of the large flows we have seen in recent weeks and this is a temporary correction.

"Big tech is here to stay."

(Reporting by Saikat Chatterjee and Thyagaraju Adinarayan; editing by Larry King)


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.64% 1632.98 Delayed Quote.21.92%
APPLE INC. -0.61% 115.04 Delayed Quote.56.70%
DJ INDUSTRIAL -0.10% 28335.57 Delayed Quote.-0.71%
FACEBOOK INC 2.40% 284.79 Delayed Quote.38.75%
MICROSOFT CORPORATION 0.62% 216.23 Delayed Quote.37.11%
NASDAQ 100 0.25% 11692.571891 Delayed Quote.33.89%
NASDAQ COMP. 0.37% 11548.281629 Delayed Quote.28.71%
NETFLIX, INC. 0.63% 488.28 Delayed Quote.50.90%
NVIDIA CORPORATION 1.72% 543.61 Delayed Quote.131.03%
S&P 500 0.34% 3465.39 Delayed Quote.7.26%
WISDOMTREE INVESTMENTS, INC. 1.54% 3.96 Delayed Quote.-18.18%
share with twitter share with LinkedIn share with facebook
All news about APPLE INC.
09:51aSAMSUNG'S LEE : tainted titan who built a global tech giant
RE
09:36aSamsung Heir Takes Reins of Tech Giant Stuck in His Father's Past
DJ
09:15aThe Case for a $700 Smartphone
DJ
08:54aLee Kun-hee, who made South Korea's Samsung a global powerhouse, dies at 78
RE
10/24Samsung chairman Lee Kun-hee, head of S.Korea's biggest conglomerate, dies at..
RE
10/23APPLE : MEDIA-Apple and Netflix discussed acquiring ‘Bond’ movie for streaming -..
RE
10/23U.S. judge denies new government bid to remove China's WeChat from U.S. app s..
RE
10/23U.S. judge denies new government bid to remove China's WeChat from U.S. app s..
RE
10/23S&P, Nasdaq close higher as stimulus talks in spotlight
RE
10/23Dow, S&P futures gain on hopes of progress in stimulus talks
RE
More news
Financials (USD)
Sales 2020 273 B - -
Net income 2020 56 929 M - -
Net cash 2020 74 098 M - -
P/E ratio 2020 35,5x
Yield 2020 0,69%
Capitalization 1 967 B 1 967 B -
EV / Sales 2020 6,93x
EV / Sales 2021 6,14x
Nbr of Employees 137 000
Free-Float 99,9%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 41
Average target price 122,07 $
Last Close Price 115,04 $
Spread / Highest target 30,4%
Spread / Average Target 6,11%
Spread / Lowest Target -38,3%
EPS Revisions
Managers
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
Sector and Competitors
1st jan.Capitalization (M$)
APPLE INC.56.70%1 967 476
SAMSUNG ELECTRONICS CO., LTD.7.89%356 784
XIAOMI CORPORATION102.69%67 980
WINGTECH TECHNOLOGY CO.,LTD10.38%19 009
FITBIT, INC.5.78%1 875
MERRY ELECTRONICS CO., LTD.-9.25%1 107