Attendees gather at the Apple Worldwide Developers Conference at the Moscone West center on June 2, 2014 in San Francisco, California.
Justin Sullivan—Getty Images
By Victor Luckerson
September 3, 2014

Apple stock dipped more than 4% on Wednesday, just a few days before a Sept. 9 event where the company is widely expected to unveil the iPhone 6. The tech giant’s shares closed at $98.94, finishing the day below $100 for the first time since August 18.

There could be a number of culprits for the Apple slide. The company’s iCloud service is at the center of a widely publicized hacking scandal in which nude photos of Jennifer Lawrence and other celebrities were stolen from Apple accounts and posted on the Internet (Apple says the incident was a “very targeted attack” and its services were not compromised). Samsung also announced its latest set of large-screen smartphones Wednesday, including the newest iteration in the Galaxy Note Line and a new phone with a curved screen. The iPhone 6 is expected to have a much larger screen than older iPhone models as a response to the success of Samsung’s bigger phones.

Apple had been in the midst of a long rally in share price since it beat expectations in its July quarterly earnings report and announced a 7-to-1 stock split. In addition to the virtually assured iPhone 6 unveiling, the company is rumored to be debuting a smartwatch and a mobile payments system next week as well.

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