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 16,673.67 212.35 1.29%
Nasdaq 4,446.90 64.05 1.46%
S&P 500 1,949.69 22.58 1.17%
Treasuries 2.28 0.05 2.06%
Data as of 3:28pm ET
Company Price Change % Change
Apple Inc 104.80 1.81 1.76%
Bank of America Corp... 16.63 0.23 1.40%
AT&T Inc 33.50 -1.00 -2.90%
Facebook Inc 80.06 1.69 2.16%
Microsoft Corp 45.11 0.73 1.64%
Data as of 3:13pm ET