Apple shares are getting whacked again

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.

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