With a declining stock, and general negative sentiment against the company, Apple needs to get its mojo back.
But lukewarm expectations ahead of Wednesday's product launch in San Francisco — where CEO Tim Cook is expected to introduce the iPhone 7, among other things — could help push the stock higher in coming months, say analysts.
Apple's fortunes have become so closely tied to iPhone sales — expected to decline 12 percent in the September quarter when compared with sales in the September 2015 quarter, according to Factset data — and investors remain concerned about a lack of innovation.
"There has been no shortage of gloom and doom around Apple over the past several months, similar to the summer of 2013," said Drexel Hamilton analyst Brian White. The stock is trading around $108, down about 4 percent from this time last year. Meanwhile the S&P 500 Index is up 12 percent over the same time period.