Is the Market Going Sour on Apple?

Tech giant Apple’s (NASDAQ:AAPL) stock price has certainly taken some lumps since releasing 3Q earnings on July 21. The stock, which is trading in correction mode (down over 10%) is well off its all-time high of $133 back in late February.

And a downgrade by one of the players on the Street could very well complicate matters going forward.

Bank of America Merrill Lynch reportedly lowered its rating on Apple to neutral from buy on Wednesday, citing near-term “headwinds" due to slowing growth of the iPhone; and the time it is taking for other product offerings such as the Apple Watch and Apple Music to gather momentum.

Others believe Apple’s current woes are derived from the lackluster response to the Apple watch, as well as headwinds from China, which is definitely a key market for its products.

And earlier this week, an analyst report from Canalys said: “As market consolidation continues in China, one in three smart phones shipped were from Huawei or Xiaomi in Q2 2015 …Apple fell to third place, followed by Samsung and Vivo.”

So what can this behemoth do to shine once again?

“I’m really hopeful they [Apple] do something in the TV space,” Brett Larsen, Editor from said on Varney & Co.

"They’ve talked about it, then there were rumors that it was killed, then there were rumors that the Apple TV might come back in a different way that might provide some sort of streaming service. They need that ‘one more thing’, they need that Steve Jobs’ magic,” he said.

Apple was expected to close up Wednesday for the first time in six trading sessions.