“Apple Inc. (AAPL) shares dropped below $500 for the first time since February after Citigroup Inc. (C) reduced its rating for the stock on concern that demand for the iPhone 5 is slowing,” Amy Thomson reports for Bloomberg News.

“Apple fell to $499 at 6:55 a.m. New York time in premarket trading after declining 3.8 percent to $509.79 in Nasdaq Stock Market trading on Dec. 14,” Thomson reports. “The Cupertino, California-based company’s stock has lost 27 percent from a closing peak of $702.10 on Sept. 19.”

Thomson reports, “The prospect of weak iPhone 5 shipments creates an earnings risk for Apple’s supply chain, and shares of those companies may come under selling pressure, Citigroup said.”

Read more in the full article here.

MacDailyNews Note: Shares of the volatile AAPL are currently trading at $511.01, up $1.22 since Friday’s close.

[Thanks to MacDailyNews Reader "Fred Mertz" for the heads up.]

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