It’s not a great time to own Apple stock

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ThelmaLouise4_001Pyxurz
Thelma and Louise take a turn as stock market analysts.
Photo: Metro-Goldwyn-Mayer

Apple stock continued to tumble Friday, closing at $105.76 — down more than 20 percent from its all-time high of $134.50 earlier this year.

The precipitous drop is in line with dozens of other big-name stocks that have taken a turn for the worse in 2015, but what’s driving the downturn?

Carl Icahn: Apple could be one of the great stocks of the century

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Carl Icahn is coo-coo for AAPL.
Carl Icahn is coo-coo for AAPL.
Photo: Forbes

Carl Icahn is bearish on the current stock market. After making billions buying Netflix shares near $58, the iconic investor announced today that he’s cashing out now that the stock is trading around $677 because the ‘overheated.’

Despite pulling out of Netflix though, Icahn is still super bullish on AAPL and thinks that the stock is actually at the same point now as when he bought into Netflix back in 2012.

This is what the Dow would have looked like if Apple joined in 2008

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This is what the Dow would look like if Apple had joined in 2008. Photo: Bloomberg
This is what the Dow would look like if Apple had joined in 2008. Photo: Bloomberg

The Dow Jones Industrial Average measures the strength of American industry based upon how 30 large, publicly owned companies in the United States have traded in the stock markets. Companies come in and out the Dow periodically, according to whether their fortunes are waxing or waning.

When Apple joins the Dow Jones Industrial Average next week — replacing AT&T, which has been on the index since 1916 — the Dow will be at a historic high (assuming nothing catastrophic happens between now and then). But if Apple had joined the Dow in 2008, that value would be even more historic. It would have added more than 4,300 points to the Dow.