Apple flagship store in New York City
(Credit: Dan Farber/CNET )
Apple shares are down nearly 10 percent since hitting an all-time high of $705 last month, prompting a flurry of explanations, including one conspiracy theory, for the stock retreat ahead of a brand new product.
The recent slide, which started in the middle of September, is counter-intuitive to the usual principle of buying on the rumor. Apple is widely expected to unveil its smaller, lower cost iPad Mini next week, with invitations believed to be coming over the next few days.
Apple shares fell 1.2 percent to $630.26 today.
Of course, it's not the typical Apple product cycle. The company just finished releasing the iPhone 5, still its most significant product when it comes to revenue and profit. It was anticipation over the iPhone 5 and its subsequent record-breaking launch that drove the stock to hit a new peak.
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