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Why Did Apple Shares Plunge?

Kimihiro Hoshino | AFP | Getty Images

What's up with Apple? I've received several queries on why AAPL shares collapsed shortly after 1pm ET. As the stock hit $588 or so, volume picked up, and it dropped over the next hour to as low at $580.

I doubt it has anything to do with the iPad mini going on sale today. (Read more: Apple Rolls Out iPad Mini to Shorter Lines)

Here's the answer:

AAPL breached its 200-day moving average ($588) for the first time since November of last year.

By the way: AAPL is not far from a 20 percent drop from its historic high ($705.07) on September 12...that would be $564 or so.

—By CNBC's Bob Pisani

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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