Apple and Cupertino, California Company

market capitalization: That shrank the technology behemoth market capitalization by $65 billion, about equivalent to Cambodia net wealth, according to Euro News. Confidence in the Cupertino, California company has been shaken since posting its first-ever quarterly decline in iPhone sales and first revenue drop in 13 years on Tuesday, although Apple investors pointed to the stock relatively low valuation as a key reason to hold onto the stock. Shares of Apple, a mainstay of many Wall Street portfolios and the largest component of the Standard & Poor 500 index, have dropped 11 percent in the past five sessions. If you’re going to buy Apple, you have to buy it for the long term, because the next year or two are going to be very tough, said Michael Yoshikami, chief executive of Destination Wealth Management, which owns Apple shares. Revenue from China slumped 26 percent during the March quarter and its iBooks Stores and iTunes Movie service in China were shut down last week after the introduction of new regulations on online publishing. Faced with lackluster sales of smartphones in the United States, Apple has bet on China as a major new growth engine, but progress there has been a let-down. (news.financializer.com). As reported in the news.