Shares of Apple fell $4.15, or almost 6 percent, to $67.80 by mid-afternoon. The stock is down 22 percent since reaching a year-to-date high of $86.40 on Jan. 12. It's the first time that the company's shares have been below $70 since trading at $68.81 on Dec. 1.
Unlike recent investor concerns about competition in the music space from heavyweights Google and Microsoft, the latest Apple share declines appear to be a result of increasing skepticism about the the iPod maker's ability to sustain its impressive growth figures.
"Sales of more than 14 million iPods in Apple's last quarter, along with $565 million in profit and $5.75 billion in revenue, has added fuel to beliefs about just how long Apple can sustain such growth on a year-over-year basis, according to Robert Bacarella, manager of the Monetta Select Technology Fund," MarketWatch reported.
Barcarella said there is a sense in the market that "all the good news is out. The easy money has been made." However, he also said that there is little to suggest it is necessary to sell Apple shares.
"My gut feeling is that people are taking some [profits] off the books," Barcarella explained. "They feel the stock looks tired and want to get some payoff from it. If there was any real bad news, [the stock] would have broken down before now."