Everyone knows that shares of Apple (AAPL) have been a dog over the last few months. What is noteworthy about the decline, however, is that the stock has actually underperformed the S&P 500 over the last year. This may not sound surprising, but the last time shares of AAPL underperformed the S&P 500 over a one-year period was all the way back in January 2009. In other words, this is the first time during the bull market that AAPL has underperformed the S&P 500 over a one-year period.
Does the fact that the poster stock for this bull market is now underperforming the S&P 500 over the last year mean that the bull is near its last breath? Or is the market bigger than a single stock? Our view is more toward the latter, but it is interesting nonetheless.