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 | 15,303.10 | 8.60 | 0.06% |
| Nasdaq | 3,459.14 | -0.28 | -0.01% |
| S&P 500 | 1,649.60 | -0.91 | -0.06% |
| Treasuries | 2.01 | -0.01 | -0.59% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.24 | 0.03 | 0.23% |
| General Electric Co | 23.53 | -0.13 | -0.55% |
| Pfizer Inc | 29.04 | -0.07 | -0.24% |
| Microsoft Corp | 34.27 | 0.12 | 0.35% |
| Intel Corp | 23.92 | -0.13 | -0.53% |
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.75% | 3.66% | |
| 15 yr fixed | 2.89% | 2.79% | |
| 5/1 ARM | 2.66% | 2.59% | |
| 30 yr refi | 3.74% | 3.64% | |
| 15 yr refi | 2.89% | 2.79% |
Today's featured rates:
.
