Apple stock drops below $500 as reports on dwindling iPhone 5 sales surface

Weak iPhone 5 sales reported, Apple stock suffers.

@CharlesJGantt
Published Mon, Jan 14 2013 1:44 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Apple's stock dipped below $500 a share this morning after media outlets reported that Apple ($APPL) was decreasing iPhone 5 component purchases due to lowering demand. That is over a $20 drop from Friday's closing price.

Apple stock drops below $500 as reports on dwindling iPhone 5 sales surface | TweakTown.com

The Wall Street Journal has reported that demand for the iPhone 5 has been lower than expected and cited "people familiar with the situation" as saying that Apple has cut its order for iPhone 5 screens in half for the March quarter. The Japanese daily publication Nikkei said that Apple has halved its initial order of 65,000 LCD screens from suppliers.

As if on cue, this news rattled investors, sending the stock into a downtrend. The stock started recovering shortly after falling below $500 and at the time of this writing, was hovering around $505 a share.

NEWS SOURCE:mashable.com

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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