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 17,079.57 -42.44 -0.25%
Nasdaq 4,557.70 -11.92 -0.26%
S&P 500 1,996.74 -3.38 -0.17%
Treasuries 2.33 -0.03 -1.14%
Data as of 7:40pm ET
Company Price Change % Change
Apple Inc 102.25 0.12 0.12%
Bank of America Corp... 16.01 -0.19 -1.17%
Facebook Inc 73.86 -0.78 -1.04%
Pfizer Inc 29.38 -0.11 -0.37%
Intel Corp 34.65 -0.14 -0.40%
Data as of 4:02pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.06%4.28%
15 yr fixed3.17%3.24%
5/1 ARM3.52%3.41%
30 yr refi4.04%4.19%
15 yr refi3.15%3.18%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com