Apple's stock had another bad day Thursday.
The tech giant's shares were briefly down nearly 3 percent, falling below $90 for the first time since June 26, 2014. They were also the biggest drag on the Dow Jones industrial average.
The move on Apple shares "shows that Apple's in a lull. The question is: Is it a permanent lull, or is it just temporary until they figure out the next big thing?" Steven Milunovich, an analyst at UBS, told CNBC's "Fast Money: Halftime" on Thursday.
"Technically, we've taken out recent lows and there is a concern that [CEO] Tim Cook may have lost a handle on near-term demand and certainly, nobody believes the iPhone 7 is going to have tremendously new features that makes everybody go out and want to buy a new phone," he added.
The company's shares have been under pressure recently by iPhone demand concerns. On Wednesday morning, the Asian Nikkei Review, citing sources familiar with the matter, reported that Taiwan's tech suppliers will get far fewer orders from Apple in the second half of the year compared to last year.