“The Markets will have a day of reckoning!”
Those were the words of billionaire investor Carl Icahn, who told CNBC’s Power Lunch today that he is “extremely cautious” on the U.S. markets. The result of his warning was a big drop on Wall Street today as The Down dropped over 187 points and the NASDAQ lost almost 58 points. Icahn’s comments came after he announced that he has sold all of his Apple stocks as the tech giant’s stock continues to lose value after disappointing earnings. On Tuesday Apple posted its quarterly earnings and revenue totals which missed Wall Street’s expectations. Apple’s sales have declined 13% from the previous year, its first yearly revenue drop since 2003. Sales of its key iPhone fell to to 51.2 million from 61.2 million in the year prior.
Hear more of Icahn’s comments below.
Here are the final numbers from Thursday, 4/28/16 on Wall Street:
Dow Jones Industrial Average: 17,853.90 (-187.65 / -1.04 %)
NASDAQ: 4,805.29 (-57.85 / -1.19 %)
S&P 500: 2,075.81 (-19.34 -0.92%)