Apple stock falls, investors digest executive shake up

Apple AAPL.O off ~1.2% as broad market turns lower again

Investors also digesting Bloomberg report that Apple is reorganizing its exec team to refocus AI efforts

The dip in AAPL underperformed the S&P 500's .SPX 0.27% decline on Thur

Mike Rockwell, VP of Vision Products, now leads Siri, after CEO Tim Cook lost confidence in AI head John Giannandrea

Siri improvements delayed until 2026, per Bloomberg report

Also on Thur, the Information reported AAPL is losing more than $1 bln a year on its video streaming service

AAPL did not immediately respond to a Reuters request for comment

AAPL stock down ~15% YTD, underperforming Nasdaq .IXIC, which is down 9%

Stock ~18% below 52-week intraday high of $260.10 reached on Dec. 26

Recently traded at 28x expected earnings, slightly above 5-year avg forward PE of 27, per LSEG data