Stocks are down to start the week, but quietly, shares of Apple are getting crushed, too.
Apple shares are down more than 3% against the market’s roughly 1.8% decline.
Near 3:00 pm ET, shares of the iPhone maker were off more than 3% to below $US106, and since the start of December, shares of Apple have fallen more than 11%.
In 2014, Apple shares had a great year, rising more than 35% and hitting new all-time highs (when adjusting for the 7-for-1 stock split the company executed in June).
The company is set to report holiday quarter earnings later this month, and analysts are expecting that the quarter will show iPhone sales went nuts.
In December, analysts at Morgan Stanley estimate the company could sell 70 million iPhones this quarter, up from the firm’s initial 62 million unit estimate.
Last week, we highlighted VC Fred Wilson’s predictions for 2015, and among them was that amid stress in capital markets around the world investors would look for safe places to put their money. “Safety used to mean gold, US treasuries, and blue chip stocks,” Wilson wrote. “Now it means Google, Apple, Amazon, and Facebook.”
Here’s the chart of Apple stocks since the start of December, a quietly ugly five or so weeks for the stock.