Apple's share price took a dive on Monday morning, dropping about 6 percent before making a slight recovery.
The iPhone maker's volume spiked to 6.7 million shares around 9:50 a.m. ET. It was the largest one minute volume of trading since Oct. 29, according to Reuters.
Why the stock took a hit wasn't so clear.
RBC Capital Markets analyst Amit Daryanani said traders told him reasons for the selling may include a rating change Morgan Stanley made Monday, cutting the U.S. technology sector to "market weight" from "overweight." The firm also cut its Apple weight to 3 percent from 4 percent and recommended clients trim their position in Apple.
Daryanani also said that there is chatter of program selling in tech.
Scott Redler, partner with T-3Live.com, said Apple broke its eight-day moving average for the first time in weeks, and after it fell through $117, there was no support so it dropped to $111.27. By late morning, it was at $115.81 a share.