Apple (AAPL) Sell-Off Intensifies

(updated at 4:14PM)

The sell-off in Apple (NASDAQ: AAPL) continues to unfold. Shares of the iPhone giant closed down 6.1% Friday to $105.76 and is down 18.5% since earnings on July 21. Shares are down over 20% from the all-time highs, suggesting a bear market in the stock.

The main worry driving the sell-off is China. In addition to the currency impact from the yuan devaluation, the stock market sell-off and economic malaise in the country threatens to put a halt to the fast-growing high-end smartphone market.

In its latest quarter, China sales accounted for nearly 27% of Apple's total and were up 112% year-over-year.

Investor in Apple have been hoping the $50 billion left in the company's share buyback program would support the shares but, so far, either the company hasn't been aggressively buying the stock or the selling pressure is too intense to stem the slide.

Traders are also quick to point out that Apple-bull, Carl Icahn, has been mum on the name as of late, suggesting he too could be trimming his stake.

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