AAPL Opens Below $100 for the First Time Since October 2014

| Apple Stock Watch

apple stock graphContinued volatility in global markets and recent concerns about this quarter's iPhone sales pushed shares of Apple lower in pre-market trading, and resulted in the company's stock opening below $100 for the first time since October 20, 2014.

After closing at $100.70 on Wednesday, after-hours trading dropped Apple shares to $98.71 by the time markets opened. While Wall Street in general is reeling from steep market declines in China, Apple is also facing concerns from investors and analysts over demand for the company's iPhone. Reports earlier this week from both Chinese suppliers and sources speaking with The Wall Street Journal claim that Apple has asked its suppliers to cut iPhone 6s production by 30 percent this quarter in the face of significant unsold inventory in many countries.

If the alleged production cut actually represents lower demand and sales for the iPhone, Apple risks seeing this quarter experience the first year-over-year decline in iPhone sales in the device's history.

Many analysts reacted to the news with slight downgrades of Apple's outlook, but others suggest that better-than-expected sales of older, cheaper iPhone models are to blame for the reduced demand of the company's latest devices. Analysts expect Apple to provide more information on the current state of demand and production at the company's quarterly earnings call on January 26th.

Shares of Apple Inc. (NASDAQ:AAPL) have partially stabilized in early trading, but remain below $100, at $99.42 as of the time of publication.

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Lee Dronick

Getting close to buying some more AAPL.


I believe an apology is owed to all the analysts that predicted APPL’s under performance. The failure of the Watch - you know-the one you must charge every day (so stupid) and own an iPhone to use; coupled with the fact that people are hip to the Apple habit of making your device obsolete every year, along with the fact that there are MANY phones and pads out there just as cool and even better than the iPhone equals a “correction” in stock price. Of course the entire market is down with worries of Saudi-Iran; China’s recession; cheap gas prices and ISIL so it’s no time to panic. I’m more concerned that Apple didn’t show a single cool thing at CES where there was a LOT of cool new stuff shown by the competition.

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