Apple slides 3%, briefly dips below $500

January 14, 2013: 4:09 PM ET
apple stock 01142013
NEW YORK (CNNMoney)

Apple's stock tumbled early Monday, following reports that demand for the iPhone 5 may be waning.

Shares of Apple (AAPL) fell 3.5% to end the day at $501.75. Earlier, the stock dipped below $500 a share. Apple's stock has not closed below $500 a share since February 2012.

The sell-off followed reports that Apple had cut orders for certain iPhone 5 components because of weakening demand for the latest version of the popular smartphone .

Apple was unavailable for immediate comment.

Apple's stock has been trending lower since September, when euphoria over the iPhone 5 debut pushed shares to an all-time high close of $702.10.

In October, Apple reported mixed results for its fiscal fourth quarter, saying it sold just shy of 27 million iPhones, up 58% from a year earlier. At the time, Apple was having trouble keeping up with demand for the iPhone 5.

Apple: A tech stock Grinch

The company recently shot down rumors that it was developing a cheaper version of the iPhone.

Apple will release its fiscal first-quarter results on Jan. 23. Analysts surveyed by Thomson Reuters expect earnings to decline 4% from the prior year, although estimates vary widely. Apple has not reported a drop in quarterly earnings in nine years.

Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 17,031.14 43.63 0.26%
Nasdaq 4,518.90 -48.70 -1.07%
S&P 500 1,984.13 -1.41 -0.07%
Treasuries 2.59 -0.02 -0.88%
Data as of 6:10am ET
Company Price Change % Change
Bank of America Corp... 16.74 0.00 0.00%
Yahoo! Inc 42.55 -0.33 -0.77%
Apple Inc 101.63 -0.03 -0.03%
Facebook Inc 74.58 -2.90 -3.74%
Microsoft Corp 46.24 -0.46 -0.97%
Data as of Sep 15