Apple (NasdaqGS: AAPL) shares were down almost 6% on Wednesday amid a flurry of Wall Street analyst downgrades after the tech giant unveiled the latest versions of the iPhone.
The Nasdaq-100 PowerShares QQQ (NasdaqGM: QQQ) fell nearly 1%. Apple is the highly traded ETF’s largest holding at 13% of the portfolio. The Nasdaq-100 was underperforming the S&P 500 and Dow on Wednesday due to the sell-off in Apple.
Apple shares were down sharply on heavy trading for the second straight day. On Tuesday, the company unveiled the iPhone 5C, a cheaper version of its trademark phone available in multiple color schemes, along with a high-end version known as the iPhone 5S. [Apple Weighs on Nasdaq-100 ETF as New iPhones Unveiled]
“Many analysts are not happy with the actual iPhones unveiled by Apple on Tuesday. They’re concerned that the iPhone 5C isn’t priced low enough to be able to adequately address emerging markets,” ValueWalk reports. “Analysts who remain positive on Apple, however, say the company’s aggressive launch plan and likely margin stabilization will boost the company’s earnings.”
Analysts at JP Morgan, Credit Suisse, Bank of America and UBS were among those who downgraded their ratings on Apple shares.