Shares of Apple Inc. AAPL, -0.28% slipped 0.3% on Tuesday, for a fourth straight decline, after The Wall Street Journal’s report that the technology behemoth appealed a federal trade agency’s ban of two Apple Watch models because of patent violations.
The stock’s decline came despite the 0.4% rally by the tech-heavy Nasdaq 100 NDX, +0.60% and the Dow Jones Industrial Average’s DJIA, +0.43% 159-point, or 0.4% gain. The stock has lost 2.0% last week, while the Nasdaq 100 tacked on 0.9% and the Dow gained 0.2%, to snap a seven-week win streak in which the stock rallied 17.4%. Apple did not immediately respond to a request for comment. The WSJ report said that Apple argued in court documents that if the ban stays in place, it will suffer irreparable harm since the models affected its two most popular. Apple asked the court to allow it to sell the watches while the appeal is being considered, the report said. The stock has run up 48.6% year to date, while the Nasdaq 100 has climbed 54.1% and the Dow has advanced 13.3%.