This story has been updated to reflect the open of trade Thursday.
Apple’s stock started Thursday morning trading below $100.
The tech giant’s shares dipped below the century mark briefly on Wednesday for the first time since October 2014. In premarket trading on Thursday morning, Apple’s (AAPL) stock was down more than 2%, and the company’s shares opened at $98.68.
Shares have dropped more than 21% over the past six months, with most of the losses coming in recent weeks on investors’ concerns over the long-term viability of Apple’s massively profitable smartphone business as well as the recent economic turmoil in China, which is Apple’s biggest market. A report earlier this week that Apple is cutting production of its latest iPhone models due to weak demand spooked the market, leading to the company’s recent stock losses.
A little over a year after it became the first company ever valued at more than $700 billion, Apple’s market value has dropped to roughly $560 billion. The company’s stock is already down 6% since the start of 2016, and analysts expect it to fall further still, with another new iPhone not expected to be announced until later this year.
