Apple shares are down ahead of a major launch for the first time since the first iPhone was unveiled back in 2007.
The Cupertino tech giant has seen shares slide by 6.2 per cent in the past 30 days, leaving what is normally a safe source of returns for investors decidedly more uncertain.
Looking back, Apple shares have risen by an average of five per cent ahead of an iPhone launch. The only other time the stock has been down in the run-up to a launch was when the first iPhone was presented eight years ago.
Apple shares have also tended to outperform the S&P 500 Index significantly. Ahead of the iPhone 4S launch, Apple shares were broadly flat, but still far ahead of the index.
Things are looking shakier now, as Apple shares have been hit harder than the S&P Index in recent months, tumbling 17 per cent from highs in July, while the index as a whole is down 7.7 per cent.
Apple will be unveiling the latest iteration of the iPhone at the launch later today - but investors may be getting nervous about the company’s reliance on its iconic smartphone, not least as sales in China begin to slow.
The iPhone, now eight years old, accounts for two-thirds of Apple’s revenue, and sales failed to live up to analysts’ forecasts in the company’s latest quarterly report.
Apple traded 2.78 per cent up yesterday to close at 112.31.