“Shares of Apple took a leg lower Tuesday on the heels of a report saying the tech giant may significantly slash its iPhone 6S and 6S Plus output,” Fred Imbert reports for CNBC.

“Japanese news outlet Nikkei reported the tech giant is expected to reduce the output on its flagship device by about 30 percent between January and March,” Imbert reports. “The company’s stock was more than 2 percent lower after the report was released, and hit a low of $102.41. The shares were at $103, midday Tuesday.”

“Originally, the company told its suppliers it would maintain iPhone 6S and 6S Plus production levels on par with those of its previous models, the iPhone 6 and the iPhone 6 Plus, Nikkei said,” Imbert reports.

Read more in the full article here.

“The U.S. company had initially told parts makers to keep production of the iPhone 6s and 6s Plus for the quarter at the same level as with their predecessors — the iPhone 6 and 6 Plus — a year earlier, “Nikkei reports. “But inventories of the two models launched last September have piled up at retailers in markets ranging from China and Japan to Europe and the U.S. amid lackluster sales. Customers saw little improvement in performance over the previous generation, while dollar appreciation led to sharp price hikes in emerging markets.”

MacDailyNews Take: “Lackluster sales?” Proof? None given by Nikkei. Just tacked on there at the end. Baselessly.

So, Apple’s ramping down production on an “S” model after the holiday shopping season. What a shocker! Let’s undervalue the company even more!