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Apple shares close below $400

Scott Martin
USA TODAY
Apple CEO Tim Cook speaks during the keynote address during the 2013 Apple Apple Worldwide Developers Conference on Monday in San Francisco.

SAN FRANCISCO -- Shares of Apple skidded below $400 on Wednesday , underscoring lingering concerns over the company's future.

Apple shares fell $4.62, or 1%, to $398.02 in trading. This marks the first time the stock has closed shy of $400 since April.

Apple has come under siege from a blur of Samsung smartphones and tablets along with the growing popularity of Google's Android operating system worldwide. Wall Street has long been waiting for Apple to launch a revolutionary product to capture more growth.

"Investors are struggling to identify the next catalyst," says Edward Jones analyst Bill Kreher. "Without an obvious catalyst, we expect shares to languish."

Investors have grown skittish since the stock hit a high above $700 in September. Shares of Apple are down more than 25% this year. Meanwhile, the Standard & Poor's 500 index this year has posted an 11% gain.

Analysts are forecasting the company to post an 18% decline in earnings in the current fiscal quarter, says S&P Capital IQ.

Wall Street analysts, on average, rate the stock an outperform with a median price target for the next year of $532.50, S&P Capital IQ says.

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