For so many years, Apple could seemingly do no wrong in the eyes of investors. Of late, the opposite is true.
Shares of the iPhone maker have plunged 19 percent in the past six months, a stretch that's seen Alphabet, Facebook, Amazon.com and Microsoft each jump 18 percent to 45 percent. Apple dropped 2.6 percent on Tuesday to $102.71, the lowest close since October 2014, and briefly fell below $100 in premarket trading Wednesday. (It was down less than 2 percent as of midmorning.)
Investors are only paying 11.1 times earnings for the stock, 27 percent below the five-year average price-to-earnings ratio, according to FactSet. Meanwhile, Alphabet's market cap is as close as it's been to Apple's since 2010, with the two now separated by $55 billion.