Stocks around the world are getting slammed on Thursday and so is the world’s biggest company.
Shares of Apple were down as much as 2.7% in pre-market trade on Thursday to trade below $98 a share.
On Wednesday shares of the iPhone maker fell below $100 for the first time since August.
That late-August drop below $100, however, came on the morning of the August 24 “flash crash” that sent US stocks into utter chaos for a few hours with the Dow falling as many as 1,000 points, among other wild moves in markets. Shares of Apple traded as low as $92 that morning.
The stock, however, closed north of $100 following the August 24 drop and so many could be inclined to almost back out those previous trades as something of a fluke. On this basis, the stock is now at closer to an 18-month low with Apple having not traded near $100 on a split-adjusted basis since October 2014.
As we noted on Wednesday, Apple is likely facing a challenging year in 2016 as iPhone sales appear poised to potentially go negative on a year-on-year basis, something that has never happened in the history of the product.
Additionally, investors are now going into at least the third straight asking what the company’s “next iPhone” — or blockbuster product that changes the world — is going to be.
So far, there’s only one iPhone.