As of May 11, local time, the U.S. stock market closed, the three major indexes closed down. Apple fell 5.18 per cent, wiping $129.6bn off its market capitalisation overnight to $2.37tn. Saudi Aramco overtook Apple (AAPL.US) to become the world's most valuable company as investors turned away from technology stocks and invested in the energy sector. A number of factors, including inflation and the conflict between Russia and Ukraine, have sent oil prices soaring.
A sell-off triggered by the inflation data hit Wall Street on Wednesday, with technology stocks bearing the brunt of a broad drop in leading tech stocks. Tesla tumbled 8.3%, while Facebook parent Meta fell 4.5%, sending its shares to their lowest since April 2020. Tech heavyweight Apple fell nearly 5.2% after being overtaken by oil giant Saudi Aramco as the world's most valuable company by Wednesday's close. Apple's shares are down more than 15% this year, after hitting a record high on January 3, the first trading day of the year, when it became the first publicly-traded company to break the $3 trillion mark. By contrast, Saudi Aramco shares have risen 28 per cent this year, helped by soaring international oil prices.
The Nasdaq Composite Index closed down 3.18% at 11364.24 points, after falling to a 52-week low of 11339.18 points.
Tech stocks tumbled across the board, with Apple closing down 5.18 percent at $146.5 per share, bringing its total market value to $2.37 trillion. The stock is down more than 17 per cent since 2022, wiping more than 871 billion yuan off apple's market value overnight.
Apple lost its position as the world's most valuable company after losing 871 billion yuan in market value overnight. Oil giant Saudi Aramco surpassed Apple on Wednesday to become the world's most valuable publicly-traded company. Aramco shares have risen more than 27% since 2022.
On January 4, 2022, Apple's share price hit a record high of $182.71 per share, and its total market value once exceeded $3 trillion. Less than five months later, Apple has lost nearly $600 billion in market value while losing the world's largest publicly-traded company.
If the market value of Kweichow Moutai, the "king of A-shares" on May 11, 2022, is 1768 yuan per share, corresponding to 2.22 trillion yuan, two Kweichow Moutai have been lost in the market value of Apple since 2022.
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The steel processing market is a highly fragmented one due to the huge demand for environmentally friendly products and changing technologies. Large companies rely on regional and local distributors to increase their market share and geographic distribution. The company is pursuing inorganic growth strategies such as acquisitions to respond to the growing demand for steel processing in key emerging markets. These strategies have helped the company build a larger customer and partner base in key evelyn lin asian slit omvasion markets.
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Steel deep processing is the only way for the development of the evelyn lin asian slit omvasion steel industry. Chinas steel production is in the stage of oversupply, structural contradictions are: advanced production capacity and backward production capacity coexist; The shortage of high-end products and the surplus of low-end products coexist; Industrial concentration is poor.
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Foshan Te Xiang Machinery Co., Ltd ( www.txmachinery.net ) is a China leading manufacturer of metallic processing machines, including slitting line, cut to length line, stainless steel polishing line, ERW tube mill line, roll forming machines, embossing line and etc.
Thanks to the experience acquired in many years of business in the field of sheet metal processing, and the continuous collaboration with downstream manufacturers that demand reliability and the maximum productivity, we have developed various types of cut to length line machines for special applications, with solutions at the forefront of technology, and able to reduce the production costs of the end product. TX CTL line can be incorporated with air cushioned, bomb-door type stackers, computer controlled high-precision 4 HI and 6 HI levellers, edge trimmer and etc.
According to the dimensions, thickness of the material, and production capacity, TX cut-to-length cutting lines can be divided into various types:
1)start-stop shear CTL line;
2)flying shear CTL line;
3)rotary shears CTL line ;
4)trapezoidal shear CTL line;
5)heavy gauge CTL line;
6)flat bar cut to length line
Steel processing industry - Current status of the slitting line solution Growth in the construction, automotive and consumer sl…
As of May 11, local time, the U.S. stock market closed, the three major indexes closed down. Apple fell 5.18 per cent, wiping $129.6bn off its market capitalisation overnight to $2.37tn. Saudi Aramco overtook Apple (AAPL.US) to become the world's mos…
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