Apple shares took a nosedive on Wednesday erasing US$26 billion from its market capitalization and baffling observers.
The company's shares dropped 4.22 percent on the over-the-counter Nasdaq to $98.94. It was the first time since Aug. 18 that Apple's shares fell below $100.
There were varying views on what caused the plunge. ABC News reported that the positive reviews for rival Samsung's latest smart devices impacted Apple's shares.
Another theory is that the leak late last month of nude photographs of female Hollywood celebrities including Jennifer Lawrence and Kate Upton from Apple's iCloud online storage and backup service stoked concerns over the company's online security.
Others blame simple profit-taking. The company's shares have steadily risen since July this year and investors apparently cashed in ahead of the release next Tuesday of the new iPhone.