Apple stock has fallen steadily from its September high of $705.07, closing Wednesday at $457.35. In January it was the worst performing stock in the Standard & Poor’s 500 index, losing nearly 15 percent. Last month, the tech giant also momentarily lost its position as the world’s most valuable company to Exxon Mobil.
So what gives? Although Apple’s products are still popular and profitable, investors are coming to the realization that the company hasn’t launched a new breakout product since the iPad in 2010, and the company is slowing down after a decade of rapid growth. Apple’s sales are now dominated by its iPhones and iPads and no new product is in sight to pull its valuation higher.Associated Press