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.

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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.

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Index Last Change % Change
Dow 17,801.00 -9.06 -0.05%
Nasdaq 4,744.76 31.79 0.67%
S&P 500 2,067.45 3.95 0.19%
Treasuries 2.31 -0.00 -0.22%
Data as of 1:23pm ET
Company Price Change % Change
Bank of America Corp... 17.10 -0.02 -0.12%
Apple Inc 118.18 1.71 1.47%
AT&T Inc 34.70 -0.58 -1.63%
Intel Corp 36.33 0.74 2.08%
Microsoft Corp 47.77 -0.21 -0.44%
Data as of 1:08pm ET