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Tech

Apple shares down for 4th straight session as U.S. trade agency’s Watch ban appealed

Last updated: December 26, 2023 at 4:12 p.m. ET

First published: December 26, 2023 at 2:23 p.m. ET

Shares of Apple Inc. AAPL fell 0.3% on Tuesday, a fourth straight decline, after the Wall Street Journal reported that the tech giant appealed a federal agency’s ban on trading of two Apple Watch models due to patent violations. The stock’s decline occurred despite the tech-heavy Nasdaq 100 NDX rising 0.4% and the Dow Jones Industrial Average’s DJIA 159 points, a gain of 0.4%. The stock lost 2.0% last week, while the Nasdaq 100 gained 0.9% and the Dow gained 0.2%, ending a seven-week winning streak in which the stock rose 17.4%. Apple did not immediately respond to a request for comment. The WSJ…

Apple Inc. shares

AAPL

slipped 0.3% on Tuesday, for a fourth straight decline, after the Wall Street Journal reported that the tech giant appealed a federal trade agency’s ban on two Apple Watch models due to patent violations. The stock’s decline occurred despite the tech-heavy Nasdaq 100 rising 0.4%.

NDX

and the Dow Jones Industrial Average

DJIA

159 points, a gain of 0.4%. The stock lost 2.0% last week, while the Nasdaq 100 gained 0.9% and the Dow gained 0.2%, ending a seven-week winning streak in which the stock rose 17.4%. Apple did not immediately respond to a request for comment. The WSJ report said Apple argued in court documents that if the ban remained in effect, it would suffer irreparable harm since the models affected its two most popular ones. Apple has asked the court to allow it to sell the watches while the appeal is considered, according to the report. The stock is up 48.6% year to date, while the Nasdaq 100 is up 54.1% and the Dow is up 13.3%.

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