Submission + - Apple Stock falls 3-4% after "Nude Celeb Scandal" (businessinsider.com)
Today, and Business Insider are all running stories about the big dip in Apple stock, close to the eve of the iPhone 6 rollout. Huffington Post's Headline is "Apple Stock Getting Killed" http://www.huffingtonpost.com/...
There are two different explanations given for the tanking Apple stock. To be sure, potential liabilities over The iCloud photo scandal and leaked celebrity nude photos gets its share of the blame. But and a note from Pacific Crest analyst Andy Hargreaves telling investors to sell Apple shares seems to carry more weight.
"Last week, the company was flying high as anticipation built for the iPhone 6, and the iWatch, which are expected to be announced next week. The stock was hitting new all-time highs...It all came to a screeching halt over the weekend for Apple, when nude photos of celebrities hit the web. Apple's weak security on iCloud, where the photos were backed up, was blamed for the photos hitting the web."
Apple's new mobile payments feature, as well as health tracking data tied to the iPhone, may feel the pinch from the data security breach (although most of that data is likely to be stored right on the phone, not in the iCloud, BusinessInsider points out). Pacific Crest's Hargreaves says, "We recommend taking profits in Apple."