Apple Stumbles As Hacking, Samsung
For most of August, Apple shares steadily climbed, eventually hitting all-time highs.
But that growth stalled on Wednesday, as the upcoming iPhone and (potentially) iWatch event on September 9th was overshadowed by more unsavory news for Apple shareholders. The stock fell over 4% in morning trading, dipping below $100 per share for the first time since August 19th.
The first piece of bad news came on Tuesday, when Apple admitted the stolen nude celebrity photos came from targeted hacking of user account and passwords. Although the company denies any larger security breach of its iCloud software, the public hack may sow distrust in the company's ability to maintain privacy for its users - especially as it seeks to grab a share of the nascent mobile payments and health and fitness markets.
The Apple share price drop also corresponded with a major product release by global rival Samsung. Forbes' Alex Konrad attended the event, and reported on multiple mobile devices - including the latest flagship Galaxy Note and the new curved screen Galaxy Edge.
Samsung also revealed a deal with Facebook's new acquisition Oculus to produce a virtual reality headset that connects to your phone. That device, along with the phones, will go on sale this fall, potentially competing with the anticipated new products from Apple.
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