Apple has tumbled 20 percent since reaching an intraday high on Sept. 21, entering what’s known as a bear market.
Amid broader market declines, Apple fell 3.8 percent to $558 at the close in New York on Wednesday, after accounting for a dividend payout of $2.65 a share. The stock peaked at an intraday high of $705.07 on Sept. 21. A bear market is generally defined as when a stock falls 20 percent or more over a prolonged period.
Apple, the world’s largest company by market value, hasn’t been able to keep up with demand for the latest version of the iPhone, which accounts for about two-thirds of the company’s profit. Terry Gou, the chairman of iPhone manufacturer Foxconn Technology Group, said Wednesday that its assembly plants are “falling short” of demand.