Apple's stock has been dropping the past couple days. Their stock has dropped $113 Billion dollars worth of value over the past couple days and is down about 14% from their peak. I don't think there were many people who didn't think that Apple's stock was a bit overvalued but I don't think there were many people who thought it would correct itself so quickly. USA Today has all the details.
Apple shares fell significantly for the second day Tuesday — bringing investors' paper losses to staggering levels and putting the stock further into correction territory.
Shares of Apple finished down $3.80, or 3.2%, to $114.64 in regular trading Tuesday, meaning they've fallen more than 14% since hitting their high of $134.54 on April 28. Given the massive size of Apple's market value, this sell off is enormous in that it has wiped out $113 billion in paper wealth. The sell off essentially erases more than the entire market value of corporate giants including Nike at $98 billion or McDonald's at $95 billion, separately.