Apple Shares Hit 11-Month Low Following Report Linking Cut in Production to Weaker iPhone 5 Demand
Posted on January 14, 2013Apple shares hit an 11 month low today. The stock [AAPL] fell $18.55 (3.57%) to close at $501.75. Apple has lost nearly 200 points since mid-September. Bloomberg is reporting that the drop comes after the Nikkei newswire reported Apple cut its production due to weak iPhone 5 demand. Apple reportedly cut production by nearly 30% last month.
CNET reports that JP Morgan analyst Mark Moskowitz is calling the new reports old news. However, even the Wall Street Journal is saying the cuts were due to weaker demand for the iPhone 5. Take a look: