Apple stock briefly dips below $500 for the first time since February in pre-market trading

Despite a record-breaking iPhone 5 launch in China, Apple’s stock price continues to drop — as of this morning, Bloomberg reports that Apple stock briefly traded under $500 for the first time since February. Apple stock is currently sitting at about $508 just a bit after the market has opened, but the sub-$500 dip from this morning might mean Apple’s stock has a bad day in store. This is just the latest lowlight for investors after Apple’s stock reached the $700 point back in September just prior to the iPhone 5 launch. Apple’s market cap has also since dropped below the $500 billion threshold that it passed earlier this year.

This comes after two consecutive quarterly earnings reports that missed Wall Street’s expectations, though the company still continues to post record-breaking sales figures with earnings that far outstrip its competitors. Of course, there has also been other turbulence in the form of executive shake-ups and the disappointing launch of iOS 6 Maps that caused CEO Tim Cook to offer a public apology. Apple’s next earnings report will be the first where the iPhone 5 has been out for a a full quarter — we’ll see if the handset manages to exceed expectations and help turn Apple’s stock around.