Apple investors have generally unloaded the stock after recent earnings reports

Apple will report earnings on Tuesday after the bell, and Wall Street isn’t expecting a very good quarter.

The question is whether investors have already built their expectations into Apple’s stock price, or whether there’s more room to drop. As this chart from Statista shows, Apple’s stock price has dropped after earnings in four of the last five quarters. But in each of the four quarters of the 2014 calendar year, the stock price went up after earnings. (The dates on this chart are aligned to Apple’s fiscal year, which starts on October 1 of the previous calendar year.)

Despite these fluctuations, Apple’s stock price is up about 33% since January 27, 2014, the date of the first earnings report on this chart. That’s all that matters for most investors, who buy and hold.

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