Apple's stock is getting destroyed and it's dragging the market into the red

Shares of Apple are getting smoked at the market open Wednesday after the company posted disappointing earnings.

As of 9:36 a.m. ET, shares of the tech giant were down just over 7% at $96.95. This also mean that Apple has lost around $40 billion of its value, as highlighted by Business Insider's Matt Rosoff.

The company missed expectations for revenue and earnings yesterday, posting its first year over year drop in revenue since 2003.

This drop is in fact dragging the rest of the market down as well. Apple's weighting in the Dow Jones Industrial Average means that it is shaving 50.67 points off the index.

The current Dow divisor is 0.14602, which means that a 1-point move in any Dow stock moves the Dow by 6.8484 points. So if you want to calculate how many points a Dow stock is adding to or subtracting from the Dow, use this formula:

(Dollar change in stock price) x 6.8484 = (Point change in the Dow)

Apple's down $7.40. So:

-7.40 x 6.8484 = -50.67 points

The total index is off a little over 9 points at this point, so without the Apple move it would be positive.