Has the « curse of the Dow » finally caught up with Apple?

Shares of the iPhone maker have been in a rut since posting disappointing quarterly results in late June, falling to a six-month low of $113.25 on Tuesday.

The recent declines have wiped out nearly $100 billion of Apple’s market value.

Strategists pinned the sell-off on the steady run in the shares, as the stock has gained more than 137 percent since hitting a low in April of 2013. In addition, more than 5,700 different funds already own the shares, according to Morningstar data. With Tuesday’s declines, the shares have dropped 13 percent over the last 11 trading days.

« When you get a stock that is over-owned it’s difficult to find that incremental buyer, » said Art Hogan, chief market strategist at Wunderlich Securities in New York. « It’s having its own momentum meltdown. »

The declines have left the company’s shares below their 200-day moving average, a measure of the long-term trend in the stock. Shares closed at $114.64 on Tuesday. The last time it closed below the 200-day moving average, in November 2012, the stock was in the midst of a swoon that lasted several more months, finally bottoming out in June 2013.

Until recently, the company, which was added to the Dow Jones industrial average in mid-March, had escaped the index’s so-called curse, which causes companies’ shares to rally in the months leading up to their addition, but underperform in the months that follow.

The disappointing fourth-quarter revenue forecast and iPhone sales that missed some targets, have hit its shares hard and it is now down 10 percent since the shares were added to the Dow.