“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.]
Related articles:
What the analysts are saying about Apple’s 2+ million iPhone 5 sales in China last weekend – December 17, 2012
Morgan Stanley survey shows strong Apple iPhone, iPad demand – December 17, 2012
Apple sells over two million iPhone 5 units in first weekend in China – December 17, 2012
Citi downgrades Apple to ‘neutral’ from ‘buy’ – December 17, 2012
Apple stock falls as some misinterpret demand for iPhone 5 in China – December 14, 2012
Survey: 53% of smartphone buyers plan to buy an iPhone 5, only 35% plan to settle for Android – December 14, 2012
Despite frigid temps, Apple’s iPhone 5 launches to enthusiastic reception in South Korea – December 7, 2012
Top-selling iPhone 5 flanked by strong iPhone 4/4S sales – December 3, 2012
Apple: iPhone 5 arrives in South Korea and over 50 additional countries in December – December 3, 2012