“Apple Inc. (AAPL) declined to the lowest price in almost a year after the Nikkei newswire reported that the company curbed iPhone production on weak demand,” Amy Thomson and Karl Baker report for Bloomberg.
“The stock fell 2.7 percent to $506.35 at 11:14 a.m. in New York, and earlier touched $498.51 for the lowest intraday level since Feb. 16,” Thomson and Baker report. “Through Jan. 11, the stock had lost 26 percent from a record high in September.”
Thomson and Baker report, “‘Order cuts appear to be old news,’ Milunovich wrote in a research report today. He said he reduced his iPhone sales estimates in December after checks with suppliers indicated a reduction in the number of phones being made.”
“‘The iPhone is no longer unique, fashion fatigue will transpire and the rich price premium will be impossible to sustain,’ Per Lindberg, an analyst at ABG Sundal Collier in London, wrote in a research report today.”
MacDailyNews Take: You know, just like Coach handbags and BMWs, the no-name “analyst” continued.
Thomson and Baker report, “The iPhone may be facing supply chain constraints as Apple shortens its product cycle to introduce new models more frequently, Walter Piecyk, an analyst at BTIG LLC, said in an interview. ‘It takes a manufacturer time to do it efficiently,’ he said. ‘An iPhone sold in the March quarter is more profitable than an iPhone sold in the December quarter.'”
Read more in the full article here.
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