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Why Apple (AAPL) Stock Is Down Today

NEW YORK (TheStreet) -- Shares of Apple  (AAPL - Get Report) declined 2.97% to $100.23 in morning trading Wednesday after Samsung (SSNLF)  announced it had teamed with Facebook's  (FB - Get Report) Oculus to bring virtual reality to its new 5.7-inch Galaxy Note 4.

Watch the video below for a closer look at Samsung's 3 new products:


WATCH: More market update videos on TheStreet TV

Samsung unveiled the accessory, called Samsung Gear, at its Samsung Unpacked event in Berlin on Wednesday. The Gear can transform the Note into a virtual reality 3D screen. The accessory is based on the Oculus Rift and could be huge in the mobile gaming market, as it can turn the Note into a hands-free virtual reality device.

Samsung made the announcement less than one week ahead of Apple's event on Sept. 9, during which many expect the tech giant to unveil the iPhone 6 and perhaps another device.

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Sony  (SNE - Get Report) also announced its main smartphone, the Xperia Z3, would release in the U.S. through T-Mobile  (TMUS - Get Report) toward the end of 2014 to coincide with a global release. The company confirmed the news at the IFA electronics trade show in Berlin on Wednesday.

The releases of the last few versions of Sony's smartphones have been delayed in the U.S. or have not had significant carrier support.

Pacific Crest upgraded Apple to "outperform" six months ago, but the firm advised investors on Wednesday to sell ahead of Apple's event next week.

"We recommend taking profits," analyst Andy Hargreaves said in a research note. "Unless next week's event details massive incremental profit opportunities, we are likely to downgrade [Apple's] rating." Hargreaves also suggested investors hold "some position" in the stock through the Sept. 9 announcement.

On Tuesday, Apple denied its iCloud was hacked in the wake of the massive celebrity nude photo leak that occurred over Labor Day Weekend. The tech giant said the celebrity's accounts were hit by "a very targeted attack on user names, passwords and security questions."

Separately, TheStreet Ratings team rates APPLE INC as a "buy" with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

You can view the full analysis from the report here: AAPL Ratings Report

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SYM TRADE IT LAST %CHG
SSNLF $1,286.85 0.00%
AAPL $125.01 0.00%
FB $78.10 0.00%
SNE $29.96 0.00%
TMUS $33.30 0.00%

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

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