Apple shares are officially in bear territory — dropping 24% from their September peak of $705. At a current $533, the stock is now trading at just 12 times trailing earnings compared to more than 14 for the S&P 500. The stock has been a favorite of institutional fund managers, as it climbed from about $200 at the beginning of 2010 to its current level. It’s not surprising investors are taking profits after that kind of run, but numerous factors are weighing on the stock as the year-end approaches.
(Story: Andrew Osterland)