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Apple stock closes in correction territory

  • Apple shares fell below $163 -- down more than 11 percent since March 13, when the stock hit an all-time intraday high of $183.50.
  • The hardware giant is reeling from reports of weak iPhone sales and one analyst's prediction that the high-end iPhone X would be killed off this year.

Apple closed in correction territory Tuesday, falling below $163 for the first time since February to close at $162.94.

Shares were off more than 11.5 percent since March 13 — when the stock hit an all-time intraday high of $183.50.

Wall Street is increasingly wary of the stock as evidence piles up that iPhone demand will soften. The company is also reeling from reports of currently weak iPhone sales and one analyst's prediction that the high-end iPhone X would be killed off this year — though not everyone agrees with the premise.

Apple is also facing an antitrust probe in Europe, with EU officials announcing Monday they've launched an investigation into Apple's proposed acquisition of music recognition app Shazam.

In midafternoon trading Tuesday, Apple was at $162.57 a share, down 1.6 percent. At its lowest point Tuesday, Apple was trading nearly 4 percent down in 2018 but was still more than 10 percent high than a year ago.