Apple sinks into correction territory

FAN Editor

Apple sunk into correction territory Tuesday, shedding more than a percent and falling below $163 for the first time since February.

Shares were off more than 11.5 percent since March 13 — when the stock hit an all-time intraday high of $183.50.

Wall Street is increasingly wary of the stock as evidence piles up that iPhone demand will soften going forward. The company is also is reeling from reports of currently weak iPhone sales and one analyst’s prediction that the high-end iPhone X would be killed off this year — though not everyone agrees with the premise.

It’s also now facing an antitrust probe out of Europe, with EU officials announcing Monday they’ve launched an investigation into Apple’s proposed acquisition of music recognition app Shazam.

At its lowest point Tuesday, Apple was trading nearly 4 percent down on the year, but still more than 10 percent up in the 12-month period.

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