Apple stock dips after celebrity photo scandal

Shares of Apple stock are coming back down to earth after reaching historic highs.

The company’s stock fell more than 3 percent to just under $100 per share Wednesday morning. The drop came on the day that arch-rival Samsung debuted new smartphones and a virtual reality headset, threatening to steal some of Apple’s thunder ahead of a  high-profile event scheduled for next week.

What’s more, Apple is reeling from a scandal in which dozens of risqué celebrity photos were reportedly stolen from iCloud. The company issued a statement Tuesday saying that its systems were not to blame for the breach, which victimized stars ranging from Jennifer Lawrence to Kirsten Dunst.

Although Apple is still weathering the fallout from the scandal, analyst John Jackson of IDC said the company was wise to tackle the issue head-on.

“Apple has done the right thin from a crisis management perspective by getting ahead of it,” he said.

Apple’s stock is taking a dip amid new offerings from its competitors and continued outrage over the theft of intimate celebrity pictures. (Kevork Djansezian/Getty Images).

Julia Love Julia Love (38 Posts)

Julia Love is a technology reporter covering Apple for the Mercury News. She previously covered the federal courts for The Recorder and American Lawyer Media. She is a Southern California native and alumna of Duke University.