Apple shares have experienced a decrease of nearly 10 percent with the unveiling of the iPad Mini looming.
Since hitting an all-time high of $705 last month, Apple shares were down to $631.47 this morning. One feasible explanation is a stock retreat ahead of a brand new product launch.
"We continue to believe iPad Mini is the competition's worst nightmare, but attractive price points will be key," said Sterne Agee analyst Shaw Wu. "We believe concerns are overdone and this appears to be a typical consolidation after a big run."
The iPad Mini, which is rumored for an announcement next week on October 17, reportedly features a 7.85-inch display (with all earlier iPads boasting a 9.7-inch screen). Its design is said to considerably outshine the iPad 3's design, with production of the tablet reportedly already underway.