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. 
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| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,354.40 | 121.18 | 0.80% |
| Nasdaq | 3,498.97 | 33.73 | 0.97% |
| S&P 500 | 1,667.47 | 17.00 | 1.03% |
| Treasuries | 1.95 | 0.08 | 4.50% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.43 | 0.07 | 0.52% |
| Cisco Systems Inc | 24.24 | 3.03 | 14.29% |
| Microsoft Corp | 34.87 | 0.79 | 2.32% |
| Ford Motor Co | 15.08 | 0.44 | 3.01% |
| General Electric Co | 23.46 | 0.19 | 0.82% |
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.66% | 3.58% | |
| 15 yr fixed | 2.79% | 2.72% | |
| 5/1 ARM | 2.59% | 2.57% | |
| 30 yr refi | 3.64% | 3.57% | |
| 15 yr refi | 2.79% | 2.72% |
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