According to various media reports, Apple stock was down by about 2% on Wednesday, bringing share prices down to roughly $110 compared to Tuesday's closing price of $113.59.
There's no immediately obvious reason for the stock to be down at the moment, but the decline does come as China has decided to devalue its currency.
Apple CEO Tim Cook listening to a Barack Obama speech
Business Insider reports that Apple stock has been falling since the company reported earnings at the end of July. The company’s stock has gone down ~17% over that period.
There's no immediately obvious reason for the stock to be down at the moment, but the decline does come as China has decided to devalue its currency.
China's devaluation of the yuan will increase production costs for Apple because it pays its local staff in US dollars. It's also a signal that the Chinese economy is in top shape, which is bad because China is one of Apple's biggest markets.
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On Tuesday, firm KGI Securities wrote in a note that it foresees iPhone sales either remaining flat or going negative in Q4 2015 — partly because of the recent changes in China's economy and partly because it doesn't think Force Touch will create a lot of interest in the next iPhone.
According to the Business Insider report, even though Apple reported that it sold fewer iPhone units than analysts had expected in its Q3 earnings report, there's reason for investors to stay optimistic.
iPhone sales in general are higher by 35% year-over-year, and Apple says only a small portion of its current users has moved on to the iPhone 6 and 6 Plus. This means there are plenty of Apple fans using older models that will likely step up t the newer models in the next cycle.
