Apple Has Lost $105 Billion In Market Cap As Stock Heads For Sixth-straight Loss

Apple Inc.'s stock fell 0.9% in premarket trade Wednesday, which puts it in danger of suffering a sixth-straight loss, and 11th decline in the past 12 sessions. The stock slumped 3.2% on Tuesday to close at the lowest level since Jan. 27. It has lost $18.36, or 14%, from its Feb. 23 record close of $133, which shaved off $104.7 billion in market capitalization. Analyst Trip Chowdhry of Global Equities Research lowered his stock price target to $155 from $176, citing concerns over the impact of an expected slowing of China's economy. Apple generated about 16% of its revenue from China over the last 12 months, according to FactSet.