Apple’s stock price has fallen 16% since it’s all time high of $134.50 reached in April, with the latest decline coming amid reports that smartphone sales declined by 4% over-year for the 2015 second quarter.
The closely watched stock is just one of dozens of big names that have notched sharp declines in their market capitalizations this year, according to a report in USA Today.
“There’s still denial going on, but this is what happens in late stages (of bull markets),” Ken Winans of Winans International, told the paper. “The darling stocks start to get hammered.”
Though data from China is helping to drive share prices lower, the stock has generally been in retreat since Apple reported its third quarter earnings, when it announced that it sold far fewer iPhones than analysts were expecting.
Toni Sacconaghi, an analyst at Sanford C. Bernstein, told CNBC Friday that if iPhone unit sales remain subdued, Apple’s stock is likely to continue to tread water or underperform the market.
Investors would feel better if Apple had another product to fill the space, he added, and the Apple Watch and Apple Music are not likely to do that in the near term.
Shares of Apple jumped some 60% in the year prior to hitting that high in April, USA Today noted. Now Apple is up just 2% on the year.