Apple (NASDAQ:AAPL) shares dropped 3.31 percent on Friday to close at $576.80 as the stock fell below its 200-day moving average for the first time since last November. The key technical level offers stock watchers a marker to define uptrends and downtrends. For Apple, it currently stands at $587.09. Shares of the company are also nearing bear-market territory, which is considered to be a fall of at least 20 percent from peak to trough. On Friday, shares were at their lowest level since July and down 18 percent from the all-time closing high of $702.10 on September 19.
The decline came on a day the company put its brand new iPad mini on sale in stores. While there were some reports that lines outside Apple Stores may not have been as long as is usual for the company’s products, Topeka Capital analyst Brian White said that all units of the iPad mini were sold out at its New York City flagship store an hour into sales. White said the sellout was “driving customers to buy the fourth-generation iPad that also went on sale this morning,” but expressed concerns about the mini’s supplies.
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“We believe these early stock outs are driven by the combination of strong demand, combined with a shortage of supply due to the constraints we discussed during our recent Asia Technology Tour,” he wrote in a note on Friday. “No more iPad mini shipments are expected at this store today.”
Earlier this week, Apple shares had also fallen after it announced the planned departure of two of its top executives. While retail chief John Browett was asked to leave because of several mistakes from him in his short stint at the company, iOS chief Scott Forstall was reportedly ousted because he disagreed on the company’s Maps apology.
Apple’s stock is up more than 40 percent this year, but has dropped about 12 percent over the past 30 days.