Apple stock is off over 4% in trading today on fears that the iCloud security news will adversely affect Apple’s upcoming product announcements scheduled for September 9th. Apple is announcing new health and payments related initiatives next week, so perhaps investors fear that consumers will not trust those new services in light of the iCloud situation:
If iCloud really is the source of this pic leak, Apple may have some challenges selling storing credit cards and health data next week.—
Mark Gurman (@markgurman) September 01, 2014
To go along with the iCloud/celebrity hacking troubles, Apple’s App Store and iTunes Store took some outage hits last night and the stock has been downgraded by analyst firm Pacific Crest. Apple crossed the $100/share marker in mid-August as speculation about the new iPhones and upcoming iWatch also hit all time highs.
The AP is saying the stock could be off because of Samsung’s announcements but nothing was announced that wasn’t expected.