Apple Stock Sells Off by $120B Ahead of September Event

Apple's stock lost an estimated $120.3 billion in market value on Friday as investors await the company's September 9 event.

The stock closed at $319.97, down 2.51%, after a wide range of $317.86 to $328.93 during the day.

The company has confirmed the event but has not disclosed any new products, fueling speculation about pricing and demand.

iPhone sales were strong in the last quarter, with revenue up 22% to $54.25 billion, or 49.6% of total revenue.

The stock still commands a high multiple of 36.7 times trailing earnings, leaving little room for a merely polished launch.