The slump represents the latest hit to Wall Street’s biggest names, which have come under heavy pressure in April amid a tumultuous earnings season and concerns over Federal Reserve policy. The Nasdaq 100 Index is down as much as 11% this month, erasing $1.75 trillion off the tech-heavy index’s market capitalization.
Wells Fargo Securities was one of a number of firms that cut its price target on the stock.
“We believe the company is likely experiencing some demand weakening, at least on the margin,” wrote analyst Brian Fitzgerald, who cut his target to $4,000 from $4,250. He sees positive long-term prospects, but expects cost headwinds will weigh on operating income in the near term.
Alphabet Inc. shares are down as much as 17% for the month of April, putting the Google parent on track for its biggest one-month percentage loss since March 2020. The company has lost nearly $300 billion in market value over the month of April, with weak first-quarter revenue weighing on shares this week.
Among other names, Apple Inc. rose 0.3% on Friday after the iPhone maker reported its results and warned about the impact that supply constraints would have on revenue. The day’s modest gain wasn’t enough to offset losses earlier in the month; Apple is down as much as 7.9% for the month of April, putting it on track for its biggest one-month drop since February 2021.
Microsoft Corp. is down 6.3% for April, even after it reported results that were seen as strong. Meta Platforms Inc. is down as much as 8.4% for April, even with a huge spike in the wake of results on Thursday.