Apple stock opened morning trading today below $100, marking the first time it has dipped below this level since October 2014 — shortly after Apple introduced the iPhone 6.
AAPL shares dropped more than 2 percent in pre-market trading, with shares opening at $98.68. This marks the continuation of a rough period for Apple stock, which has fallen more than 21 percent during the past half a year.
Spooking the trading horses seems to be concern about continued iPhone growth (or lack thereof), not helped by the reports this week that Apple may have cut its iPhone 6s and 6s Plus orders by up to 30 percent. Concerns also continue surrounding the economic turbulence in China, which Tim Cook has been open about believing will soon be Apple’s biggest market.
While a total valuation of $560 billion is still nothing to be sniffed at, it’sa long way from the $700+ billion Apple was worth a bit over one year ago — and far, far away from the predictions of Apple as the world’s first $1 trillion company, as some analysts predicted in one of their giddier moments.
On the plus side? Probably not a bad time to pick up some cheap AAPL stock if you’re in the market for it.