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Apple got smoked again

Lisa Eadicicco
tim cook

(Robert Galbraith/Reuters)
Apple CEO Tim Cook delivers his keynote address at the Worldwide Developers Conference in San Francisco, California June 2, 2014.

Apple stock was down by more than 5% when the market closed on Friday, bringing share prices down to $106.05. 

On Thursday, Apple stock closed at $112.65.

It's unclear why the stock is falling, but it continues a trend we've seen over the past few weeks. Last week, for example, Apple stock was down by as much as 5% on Tuesday.

There's no clear reason for the drop, but Piper Jaffray analyst Gene Munster had a theory for what could be causing the stock to fluctuate. Munster told Business Insider in an interview on August 12 that investors are likely worried about Apple's presence in China.

The People's Bank of China devalued its currency last week, and the yuan fell by 1.9% against the dollar. There's a lot of uncertainty around how this could affect Apple.

"I think it's a classic fear of the unknown," Munster told Business Insider last week. "In this case specifically it's the fear of what's happening in China. Investors appear to be concerned about what the impact is from China, and if that ends up translating to more broader concerns or a slowdown from consumers."

Here's a chart from Yahoo Finance that shows how Apple stock looked Friday:

AppleStockChart

(Yahoo Finance)

And here's another chart that shows how the stock has changed since July. Apple share prices started falling somewhat consistently since the end of last month.

AppleChartMonth

(Yahoo Finance)

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