Apple Slides 2% After Jefferies Downgrade; SpaceX Lockup Expires
Jefferies cut Apple to Underperform with a lower price target, while SpaceX's lockup expiration unleashed nearly 1 billion insider shares.
Apple shares fell 2% to $306.56 Monday after Jefferies analysts downgraded the iPhone maker to Underperform from Hold, simultaneously cutting their price target to $263.66 from $285.56 — a move that signaled growing skepticism on Wall Street about the stock's near-term trajectory.
The Jefferies downgrade added fresh weight to a broader market narrative already absorbing significant supply pressure. Analysts had been closely monitoring SpaceX's first lockup expiration, a widely anticipated event that released approximately 911 million restricted insider shares into the market, introducing a substantial potential overhang for the private aerospace giant.
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Lockup expirations of this magnitude are closely watched because they can signal a shift in insider sentiment, even when selling does not immediately materialize at scale. Wall Street had broadly anticipated turbulence heading into the expiration date, reflecting how seriously institutional investors weigh the mechanics of share supply when evaluating risk.
Beyond Apple and SpaceX, broader market attention was split across a range of names including Micron, Berkshire Hathaway, Intel, AbCellera, and Archer Aviation, each contributing their own catalysts to the day's trading dynamics. Together, these stories painted a picture of a market navigating both company-specific headwinds and structural supply events simultaneously.
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