Shares of Apple (AAPL, Fortune 500) 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.
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. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,387.58 | 52.30 | 0.34% |
| Nasdaq | 3,502.12 | 5.69 | 0.16% |
| S&P 500 | 1,669.16 | 2.87 | 0.17% |
| Treasuries | 1.94 | -0.02 | -1.07% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.44 | -0.07 | -0.52% |
| Ford Motor Co | 14.96 | -0.10 | -0.66% |
| Microsoft Corp | 34.86 | -0.22 | -0.64% |
| Merck & Co Inc | 47.33 | 2.12 | 4.69% |
| Cisco Systems Inc | 24.02 | 0.08 | 0.31% |
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.67% | 3.62% | |
| 15 yr fixed | 2.80% | 2.76% | |
| 5/1 ARM | 2.60% | 2.58% | |
| 30 yr refi | 3.65% | 3.61% | |
| 15 yr refi | 2.80% | 2.76% |
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