Why Is Apple's Stock Falling?

Apple CEO Tim Cook speaks on stage during an Apple event in San Francisco
Apple CEO Tim Cook speaks on stage during an Apple event in San Francisco | Reuters/File

Less than a week before the most anticipated Apple event in years, the company is seeing drops in the value of its stock.

In the wake of the biggest iCloud hack in history that leaked naked photos of celebrities Jennifer Lawrence and Kate Upton, Apple (AAPL) took hits as high as -4.19 percent, the lowest since January when Apple prepared to introduce its new iPads.

Apple reported that even though its iCloud feature was hacked in the cases, they were absolved of any responsibility in a statement on Tuesday. Apple claime that the attacks were isolated and "a very targeted attack on user names, passwords, and security questions." The company cited the commonality of the attacks over the Internet, saying, "None of the cases we have investigated has resulted from any breach in any of Apple's systems including iCloud or Find my iPhone. We are continuing to work with law enforcement to help identify the criminals involved."

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Samsung, Apple biggest rival in the market, held an event in New York, Bejing, and Berlin on Wednesday and introduced two new large screen phones and a virtual reality device.

With the expected release of the new iPhone 6 and possibly an iWatch, stocks would most likely recover and soar when the company hosts its event in Cuppertino, California. Apple is planning to release two versions of the new device, one boasting a 4.7 inch display and one with a 5.5 inch display.

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