Apple (NASDAQ:AAPL) led a tech drop on Monday, with the iPhone maker down more than 2 percent at one point during the day to be the worst-performing Nasdaq-100 stock and ninth-worst among S&P 500 companies. While it has held its place as one of the best performing tech stocks of the year, Apple is now down nearly 10 percent since its peak of $705.10 on September 19 and has lost most of its gains from the launch of the iPhone 5.
While investors will not fully fathom the market reception of the new smartphone until Apple reports financial results for its fourth fiscal quarter on October 25, at least one analyst was certain the stock was likely to keep dropping in the near future. “This breakdown is certainly not constructive in the short run,” Greywolf Equity Partners tech analyst Mark Newton told The Wall Street Journal on Monday. “While the near-term pattern has gotten worse, the longer-term trend is still very much intact.”