Shares of Apple Inc. (AAPL) have taken a beating lately, as iPhone 8 preorders were substantially lower than previous model releases and connectivity issues with the Apple Watch Series 3 came to light.
Since Monday, Apple shares have declined 4.1%. Should Apple stock continue to tumble Friday, it could be on course for the worst stock performance ahead of a major product launch in seven years.
If shares don't gain at least 1.4% by the market close on Friday, Apple will match its worst weekly performance ahead of a launch since June 2010 when Apple stock lost 2.7% in the week before the release of the iPhone 4 and iPhone 3GS, according to price data from FactSet.
Apple traded on heavy volume Thursday with 37 million shares exchanged at the market close, compared to the 30-day average trading volume of 29.7 million. At the end of trading Thursday, shares were down 1.7% to $153.39.
The iPhone 8 and 8 Plus, the new Watch Series 3 and the Apple TV 4K are all available starting Friday. Since the new product lineup was announced Sept. 12, shares have declined about 5%. For the month of September, stock has traded down 6.5%. That puts Apple stock on pace for its worst monthly performance since April 2016, when shares lost 11.3%.
Early trading Friday didn't look promising. Just after Friday's market open, Apple stock was down 1.24% to $151.49.
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