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 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 -0.03 -1.27%
Data as of 4:10pm ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of Dec 19