Apple shares drop 4% amidst iCloud security concerns

Apple Stores (Istanbul, Turkey, image 001)

Shares of Apple dropped 4% today, closing this afternoon at $98.94. That’s the stock’s worst percentage slump since late January, and its worst value since it began its march towards its highest price ever in early August.

The news comes amidst the recent iCloud scandal, in which Apple’s cloud security was blamed for the leaking of several revealing celebrity photos, and ahead of the company’s highly anticipated iPhone event next week.

Just yesterday, APPL set a record closing high of $103.30 per share (pre-June 7-1 stock split: $723). The company has been enjoying momentum on the back of various iPhone 6, smartwatch and mobile payment rumors.

But this weekend’s celeb photo debacle put a halt to Apple’s good fortune. Despite its denial that iCloud itself was breached, several celebrities, including Joanna Krupa and Kirsten Dunst, have publicly renounced the service.

It’ll be interesting to see how the market acts over the next few days and into next week. For its keynote, slated for September 9th, Apple has rented out the Flint Center, which has a tellingly-large max capacity of 2,500 people.