UPDATE: Stock now down 3%.
People who talk technical analysis are freaking out.
EARLIER: Ugly start to the day already for Apple.
The stock is already down $8, or about 1.55%.
Via Dave Lutz of Stifel Nicolaus, the cause is this WSJ report on Apple’s “frigid” launch of the iPhone 5 in China.
From the report:
At 8 am on Friday, when the store opened to hurrahs from employees, only two consumers stood inside a cordon set up by Apple, though they were joined by a desultory snow man someone had made on a bench near the entrance. It’s not clear how much of the low turnout was attributable to the weather, how much to slack initial excitement for the device, and how much to the steps Apple has taken to smooth out the process of releasing products in China.
As you can see in this chart, the stock is getting very close to its lows for this recent selloff.