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Apple briefly dips below $90, hits near 2-year low

Apple Headquarters in Cupertino, California
Kevork Djansezian | Getty Images
Apple Headquarters in Cupertino, California

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.

Apple's market cap was also knocked off from the No. 1 spot by Google-parent Alphabet. Apple shares closed down 2.3 percent.

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.

That said, Brian White, an analyst at Drexel Hamilton, said investors should stay the course.

"Generally, when you get a non-S series, demand is better. We went up against hugely impossible comps ... and that was very negative for iPhone shipments in fiscal 2016. I think a lot of the people that upgraded to the bigger iPhone ... are going to come back for the iPhone 7. They did it with the 6; that's when they upgraded," he told "Power Lunch" on Thursday. "They passed on the iPhone 6S, and I think they'll come back for the iPhone 7.

Apple did not immediately respond to CNBC's request for comment.

Over the past six months, Apple shares have fallen almost 22 percent.

AAPL in past 6 monthsSource: FactSet