Apple Inc. (NASDAQ: AAPL) shares are trading lower by $1.76 at $151.53 in Friday's session. It has been lower in all but one session this week, when it had a paltry 6-cent gain on Tuesday.
The floodgates opened on Wednesday, when the stock breached the major support level of $158.00 and had well over $2.00 losses on Wednesday and Thursday to go along with a similar decline today.
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Wall Street firms are speculating on weak preorders for its newest edition of the iPhone and with the new phone due out in October, production has not yet begun.
After a lower open, Apple's stock found sellers ahead of the lower-end of Thursday's range ($152.75), only reaching $152.27 before continuing its move lower. So far, the ensuing decline took the stock to $150.56, but has rebounded back into the $151.00 handle.
Before its solid Q3 beat on Aug. 1, Apple closed at $150.05 and added $7.00 following the report to close at $154.14.